The Inflation Reduction Act includes wide-ranging tax provisions
Posted August 15, 2022 / No comments
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO),
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 MoreStandard 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
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