What Do the 2023 Cost-of-Living Adjustment Numbers Mean For You?
The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement tax strategies for 2023, be sure to take these 2023 adjustments into account. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), […]
<strong>2022 Schedule K-2 and K-3 Filing Requirements for Partners and Shareholders of Pass-Through Entities</strong>
Effective for tax year 2021, the IRS introduced K-2 and K-3 Schedules as part of Form 1065 (U.S. Return of Partnership Income) and Form 1120S (U.S. Income Tax Return for an S Corporation) to make federal income tax liability more transparent for partners who share ownership in certain pass-through entities. Prior to the release of […]
2023 Tax Calendar
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 […]
2022 Year-End Tax Planning for Individuals — Recorded Webinar
View On-Demand Webinar: Year-End Tax Planning for Individuals On December 1, 2022, Jane Pfeifer and Mark Gaudet (joined by moderator Brendan Walsh) looked at the tax implications individuals should consider for the end of 2022. Although the live webinar event has ended, you can view the recording by clicking the button below. Please note: CPE […]
Clean Vehicle Credit Comes with Caveats
By David JohnsonSenior Manager 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 Inflation Reduction Act Includes Wide-Ranging Tax Provisions
President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. 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), the IRA is projected to reduce the deficit by around $90 billion […]
Maximize Your Tax Filing Preparedness & Awareness
Even though last year’s tax filing may be in the rearview mirror (if you did not file an extension), it’s not too early to think about tax preparation for this year. One of the biggest impediments to completing individual and corporate tax returns is lack of proper documentation and recordkeeping. To make your life easier, […]
Ohio Tax Update: HB 515 Sale of a business may qualify for Ohio Business Income Deduction treatment
Overview Ohio Governor Mike DeWine signed 2022 House Bill 515 (“law” or “law change”) on June 24, 2022, clarifying the sale of an equity or ownership interest in a business qualifies for the Ohio Business Income Deduction (BID). The bill’s changes apply to any transactions, refund applications, audits, petitions for reassessments and appeals pending on […]
Standard business mileage rate will increase for the second half of 2022
The IRS recently announced that it will 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 […]
Proposed regulations for inherited IRAs bring unwelcome surprises
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 February […]