Gary M. Thomas, CPA

Tax Alerts

Tax Briefing(s)

2023 Post-Filing Season Update 2022 Tax Year-In-Review Consolidated Appropriations Act, 2023 Inflation Reduction Act of 2022, Signed Aug. 16

IRS Reminds Taxpayers to Protect Important Financial Documents During Natural Disasters, IR-2023-100
In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminded taxpayers to have a year round complete emergency preparedness plan to protect personal ...

IRS Updates Allowable Living Expense Standards for 2023
The IRS has updated the Allowable Living Expense (ALE) Standards, effective April 24, 2023.The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living ...

2024 Inflation Adjustments for Health Savings Accounts Released, Rev. Proc. 2023-23
The IRS has released the 2024 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2024, the annual limitation on deductions under Code Sec. 223(b)(2...

Taxpayers Urged to Begin Tax Planning Now to Take Advantage of Tax Saving Opportunities, IR-2023-95
The IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for repor...

Energy Efficient Home Improvements Eligible for Tax Credits, IR-2023-97
The IRS has informed taxpayers who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be eligible for expanded home energy tax...

Bitcoin Characterized as Legal Tender by Certain Foreign Jurisdictions, Notice 2023-34
The IRS has modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in any jurisdiction, as the Department of the Treasury a...

Public Hearings for Proposed Regulations to Be Conducted In-Person, Announcement 2023-16
The IRS and Department of the Treasury announced that public hearings conducted by the Service will no longer conduct public hearings on notices of proposed rulemaking solely by telephone for...

LA - Natural gas severance tax rate announced
Effective July 1, 2023, through June 30, 2024, the Louisiana natural gas severance tax rate has been set at 25.1¢ per 1,000 cubic feet (MCF) measured at a base pressure of 15.025 pounds per square in...

MS - Endow Mississippi credit extended
Mississippi has enacted legislation extending the Endow Mississippi tax credit until December 31, 2028. The legislation also increases the maximum amount of a qualified contribution to $500,000 and in...

TX - Coastal protection fund fee suspended
The Texas Comptroller of Public Accounts has issued a notice to taxpayers that the Coastal Protection Fee will be suspended effective June 1, 2023. Crude oil transferred through a marine terminal on o...