President Biden’s proposed budget includes notable tax provisions
Posted March 16, 2023 / No comments
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican
Read MoreTax Collection Scams
Posted February 20, 2023 / No comments
With each tax season comes more opportunities for criminals to find ways to run scams. Scammers find creative ways to try to get personal information and payments from individuals. We would like to share a quick video on tax collection scams to raise awareness. Watch Video
Read More2023 tax calendar
Posted January 11, 2023 / No comments
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 10
Read More5 steps to take now to cut your 2022 tax liability
Posted November 8, 2022 / No comments
It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before
Read MoreClean Vehicle Credit comes with caveats
Posted September 7, 2022 / No comments
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems
Read MoreIRS offers penalty relief for 2019, 2020 tax years
Posted August 31, 2022 / No comments
While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020
Read MoreCHIPS Act poised to boost U.S. businesses
Posted August 5, 2022 / No comments
The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also
Read MoreBusinesses: Act now to make the most out of bonus depreciation
Posted July 21, 2022 / No comments
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has
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 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
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