The most significant tax law changes during the year took place in August when the 2022 Inflation Reduction Act (2022 IRA) was signed into law. While the new law did not change tax rates for most businesses, it does extend … Continued
Filing Status Your tax return filing status can impact the amount of taxes you pay. For example, if you qualify for head-of-household (HOH) filing status, you are entitled to a higher standard deduction and more favorable tax rates. To qualify … Continued
Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed … Continued
Year-End Tax Planning for 2021 (Business) As COVID-19 has continued to impact businesses, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021) at the end of last December and the American Rescue Plan (ARP) Act in March. A major highlight … Continued
Tax legislation enacted at the end of 2019, as well as new tax laws enacted in 2020 in response to the coronavirus pandemic (COVID-19), will most assuredly affect your business’s 2020 income tax return. The plethora of legislation contains many … Continued
Due to the coronavirus pandemic (COVID-19) and the enactment of legislation to offset the economic burden wrought by COVID-19, as well as a legislation passed at the end of 2019, there is a lot to consider when reviewing year-end tax … Continued
On June 5th, the Paycheck Protection Program Flexibility Act became law. The Act makes it easier for recipients of the PPP loans to qualify for forgiveness. Here are the highlights of the changes: More time to spend the loan proceeds. … Continued
The Tax Cuts and Jobs Act of 2017 (TCJA) was enacted at the end of last year. It’s the largest tax overhaul since the 1986 Tax Reform Act and will affect almost every business in the United States. Here is … Continued
Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2018 tax bill. Unlike recent years, in which the tax rules have been fairly stable, 2018 brings extensive changes … Continued
IRS issues Proposed Regulations explaining Code Section 199A Deduction On August 8th the IRS issued proposed regulations explaining the Code Section 199A deduction and providing anti-abuse rules. Section 199A of the Internal Revenue Code provides some taxpayers a deduction for … Continued