September 2022 | Decker, Farrell & McCoy, LLP

Electric Vehicle Tax Credits and the Future of the Automotive Industry

One highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) includes modifications to what is more commonly referred to as EV credits. Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for electric vehicles is spelled out in the U.S. Code. There is also new stimulus for previously owned electric vehicles, industrial vehicles and “alternative fuel refueling property.”According to the Joint Committee on Taxation's estimates, in lieu of what was previously known as the credit for [...]

How Cost Accounting Helps Businesses Measure Performance

Cost accounting is a type of accounting that analyzes a business' complete production costs by looking at both variable and fixed costs. This includes the concepts of marginal costing, lean accounting, standard costing and activity-based costing. It's used by a business' management to evaluate fixed and variable costs involved in the manufacturing operations.The initial step is to assess and document such costs one-by-one. Once production is finished, it will contrast projected costs to what actual costs ended up being and see how processes can be improved. Management gleans information on [...]

Top Side Hustles

In our current economy, or anytime actually, it can’t hurt to have a side hustle to bring in extra cash. Some of these options can be quite lucrative, but like everything, it takes a little work to create a steady income stream. However, with a little pre-planning, you can do it. Let’s take a look.Become a TutorAre you a math whiz? A wordsmith? History nut? Whatever your specialty, you can earn between $10 and $75 an hour. You might vary your price based on whether you’re tutoring high school, college [...]

Risk of Browser Extensions and How to Stay Safe

Web browsers such as Google Chrome, Firefox, Safari and Edge, among others, play an essential role in enabling access to websites on the internet. Most browsers allow users to install extensions, also referred to as add-ons or plug-ins. These extensions are applications or small software modules that add functionality and other useful features to a browser.By means of the extensions, users can carry out various tasks such as password management, cookie management, ad blocking, interface modification, productivity tracking, grammar and spell-checking, etc.However, although the extensions offer different useful functionalities, cybercriminals [...]

Productive Month Passing Domestic Manufacturing and Prescription Drug Allowances, Climate and Gun Violence Mitigation, and Veteran Burn Pit Healthcare Legislation

Inflation Reduction Act of 2022 (HR 5376) – This legislation was originally introduced as the Build Back Better Act, President Biden’s signature bill of 2021. After suffering defeat in the Senate, the bill was later revised with fewer provisions to enhance its likelihood of passage, and renamed the Inflation Reduction Act. The bill authorizes funding for investments in domestic energy production and manufacturing with the goal of reducing U.S. carbon emissions by 40 percent by 2030. The bill provides tax credits for clean energy home enhancements and electric vehicle purchases, [...]