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IRS suspends processing of ERTC claims

Robert Tighe

Posted By: Robert Tighe

Posted September 19, 2023 / No comments

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed

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Social Security’s future: The problem and the proposals

Stephen Leazzo

Posted By: Stephen Leazzo

Posted August 17, 2023 / No comments

Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress

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President Biden’s proposed budget includes notable tax provisions

Cynthia Petschke

Posted By: Cynthia Petschke

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

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Tax Collection Scams

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

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

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2023 tax calendar

Robert Tighe

Posted By: Robert Tighe

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

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5 steps to take now to cut your 2022 tax liability

Cynthia Petschke

Posted By: Cynthia Petschke

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

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Clean Vehicle Credit comes with caveats

Robert Tighe

Posted By: Robert Tighe

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

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IRS offers penalty relief for 2019, 2020 tax years

Keith Orr

Posted By: Keith Orr

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

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CHIPS Act poised to boost U.S. businesses

Timothy King

Posted By: Timothy King

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

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Businesses: Act now to make the most out of bonus depreciation

Robert Tighe

Posted By: Robert Tighe

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

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