2022 Year-End Tax Planning for Individuals — Recorded Webinar

calculator on top of money tax

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 […]

The Inflation Reduction Act Extends Energy Efficiency Building Incentives

In August 2022, President Biden signed the Inflation Reduction Act of 2022, H.R. 5376. The legislation includes components of the former Build Back Better Act and addresses energy, health, and targeted tax policies aimed at fighting inflation, increasing domestic energy production, and reducing US carbon emissions by 40 percent by the year 2030. To meet […]

Inflation Reduction Act Expands Valuable R&D Payroll Tax Credit

Expanded R&D Payroll Tax Credit

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often-overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as a […]

IRS Offers Penalty Relief for 2019, 2020 Tax Years

IRS offers penalty relief

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 […]

The Inflation Reduction Act Includes Wide-Ranging Tax Provisions

Inflation Reduction Act Overview

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 […]

CHIPS Act Poised to Boost U.S. Businesses

CHIPS Act Poised to Boost U.S. Businesses

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 and signed into law by President Biden on August 9, 2022. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, […]

Ohio Bill May Provide Tax Relief to Small Business Owners

Ohio Bill Tax Relief

On June 14, 2022, Ohio Governor Mike DeWine signed into law legislation that will give tax relief to small business owners that are structured as pass-through entities (PTEs), such as S corporations, partnerships and limited liability companies. Ohio Senate Bill 246 creates a new R.C. Sec. 5747.38 election for business owners to pay income tax […]

Standard business mileage rate will increase for the second half of 2022

business mileage rate increase

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 […]