Beginning after December 31, 2024, the Energy Efficient Home Improvement Credit will have a PIN requirement. In order to take the Energy Efficient Home Improvement Credit, a 17-digit PIN will be required for each item of “specified property” which qualifies for the tax credit. There is a maximum annual Energy Efficient Home Improvement Credit of $1,200 for the following property placed in service after 12/31/2022:
•  Building envelope components satisfying the energy efficiency requirements
Exterior doors (30% of costs up to $250 per door, up to a total of $500) Exterior windows and skylights (30% of costs up to $600) and
Insulation materials or systems and air sealing materials or systems (30% of costs up to $1,200)
•  Home Energy Audits (30% of costs up to $150)
•  Residential Energy Property (30% of costs, including labor, up to $600 for each item) Central air conditioner
Natural gas, propane, or oil water heaters
Natural gas, propane, or oil furnaces and hot water boilers and
Improvements to or replacements of panelboards, sub-panelboards, branch circuits, or feeders that are installed along with building components or other energy property that enables its installation and use
A maximum credit of $2,000 applies to heat pumps, heat pump water heaters, biomass stoves and biomass boilers (30% of costs up to $2,000)
The overall annual credit limit is $3,200, with no lifetime cap. To take the credit after 12/31/2024 :
The item must be produced by a Qualified Manufacturer. The taxpayer includes the item’s PIN on the tax return. Qualified Manufacturers are to clearly label the PIN to the packaging of the qualifying product.

FASB published a proposed Accounting Standards Update (ASU) that features new guidance on how companies should account for internal-use software. Proposed amendments to Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software, spell out that a company would be required to start capitalizing software costs when both of the following occur:  Management has authorized and committed to funding the software project.(More)

Roth conversions are a popular way for people to reduce their tax burden over the long haul, and people often start making those conversions when they are a few years away from retirement. The goal is that once they reach retirement, they will be able to take money from their retirement account without the IRS claiming a chunk of the withdrawal. Money withdrawn from a traditional IRA or 401(k) is taxed as ordinary income, while withdrawals from Roth IRAs are not taxed at all (as long as you follow the rules).(More)

This is a reminder of the new compliance  requirement of the Financial Crimes Enforcement Network. The filing does not require  the payment of tax; however, penalties may apply for noncompliance.Beginning on January 1, 2024, many companies in the United States will have to register information about their beneficial owners (i.e., the individuals who ultimately own or control the company). They will have to register the information with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department, through an electronic filing system. In general, an entity that exists before January 1, 2024, will not be required to file its initial report until January 1, 2025. The report will typically be a one-time filing, unless there are changes in beneficial ownership information. We do not provide legal advice. As this requirement relates to the formation and structure of legal entities, we recommend that you consult your attorney regarding your filing obligations.