The Inflation Reduction Act, was signed into law on Aug. 16. It includes numerous tax provisions that relate to both businesses and individuals … including clean-energy-related tax incentives, and expanded funding for IRS enforcement.Read More
The Employee Retention Credit (ERC) is an $80 billion dollars tax savings program. With knowledge of qualification criteria, hundreds of businesses and tax-exempt organizations have applied for and been approved for ERC assistance under one or another of the above tests.Read More
Legal and regulatory debates continue to rage at both the state and federal levels, the topic … what workers may appropriately be deemed “employees” and which class of workers may be classified as “independent contractors”?Read More
Compiled annually for more than 20 years, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS identifies problematic transactions through taxpayer examinations, promoter investigations, whistleblower claims, data analytics, document matching, and marketing material review.Read More
The Internal Revenue Service has announced two tax savings benefits … the extension of the 100% deduction for the cost of business-related food and beverages purchased from a restaurant plus an increase in the allowable mileage rate deduction. Learn more below.Read More
The old saying that the only thing constant is change … and that certainly applies annually to the U.S. tax code. That said, it’s no surprise that 2022 taxes will differ from last tax year. Here’s a rundown on how those revisions may affect your taxes come next filing season.Read More
Good news for participants in 401(k), 403(b) and most 457 plans and the federal government’s Thrift Savings Plan. If you participate in one or more of these plans, your tax year 2022 contribution limits will increase by an additional $1,000 … making annual deductible contributions capped at $20,500.Read More
It’s been in the press for months … the Democrats unveiling of the Build Back Better Act. Within its 881 pages are significant changes to the tax code with drastic impacts on current estate planning strategies and gifting rules. High tax bracket and wealthy taxpayers will be the most affected class of taxpayers … assuming...Read More
The following are two descriptions of proposed bumps in the capital gain rate retroactive for asset sales … one proposed by President Biden, the second more recently by the House Ways & Means Committee. We won’t speculate as to how either of those proposals may play out … just a heads-up for you to know...Read More
