Standard business mileage rate will increase for the second half of 2022
Posted June 15, 2022 / No comments
The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas Prices
Read MoreCongress eyes further retirement savings enhancements
Posted April 19, 2022 / No comments
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act
Read MorePTE Payments Due April 18th
Posted April 8, 2022 / No comments
The first installment of Pass-through Entity (PTE) estimated tax payments for 2022 are due by 4/18/2022. You may need to take action if this already hasn’t been addressed and want to take advantage of this tax benefit. Please reach out to your TKO representative if you have questions regarding your potential PTE tax liability for Illinois or
Read MoreDefined-value gifts: Plan carefully to avoid unpleasant tax surprises
Posted March 10, 2022 / No comments
For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes. This is a limited time offer, however, as the exemption amount is scheduled to drop to $5 million (adjusted for inflation) in
Read MoreLost your job? Here are the tax aspects of an employee termination
Posted March 10, 2022 / No comments
terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come. Unemployment
Read MoreNew audit committee survey reveals trends on risks, ESG reporting and more
Posted March 9, 2022 / No comments
In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some
Read MoreDoes your business barter? Here are some facts you should know
Posted March 9, 2022 / No comments
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in
Read MoreSEP-IRAs: A retirement plan option for small employers
Posted March 9, 2022 / No comments
In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often left high and dry with no one to cover certain shifts or tasks. One
Read MoreClarity counts when it comes to estate planning documents
Posted March 4, 2022 / No comments
Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death, between his widow and his two daughters from a previous marriage. (The two parties have since resolved their differences and
Read MoreThere still may be time to cut your tax bill with an IRA
Posted March 1, 2022 / No comments
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax
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