The Inflation Reduction Act (IRA) was signed into law on August 16, 2022. Here are the significant provisions:...
President Joe Biden announced on Aug. 24 that most federal student loan borrowers will be eligible for some forgiveness. The forgiveness would be up to $10,000 if you didn’t receive a Pell Grant, and up to $20,000 if you did. The Whitehouse fact sheet states if all el...
A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real p...
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all appl...
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A g...
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information...
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to?...
Tax Day for individual tax filers is typically April 15th each year unless the day falls on a holiday or weekend. The IRS extended the filing season in 2020 and last year because of COVID-19. But that is not the case for tax returns filed in 2022. For this year, the deadli...
Just a reminder that the traditional tax filing due dates listed below are not being adjusted this year by the government. Due to ever changing tax laws, related tax forms and software updates, coupled with the unknown of whether or not various states will conform with the F...
If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand your tax obligations, commonly referred to as “nanny taxes.” ...
There’s a common misconception that, after retirement, tax bills shrink, tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement ac...
