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 more
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the … Read more
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the … Read more
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 more
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items … Read more
If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you … Read more
by Phillip D. Zlokas, CPA, Tax Director As discussed in the blog post entitled ‘Changes to the Employee Retention Credit’ (November 17, 2021), the Infrastructure Investment and Jobs Act (IIJA) retroactively terminated the Employee Retention Credit (ERC) as of September 30, 2021. At the time of the termination, there had been no guidance provided relative … Read more
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs and, of course, taxes. Impact on the deficit The House vote … Read more
by Phillip D. Zlokas, CPA, Tax Director On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA). As part of this legislation, certain changes were made to the Employee Retention Credit (ERC). The ERC was originally enacted in the Coronavirus Aid, Relief and Economic Security (CARES) Act in March … Read more
The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its … Read more