Monthly Bulletins

Take these 2022 cost-of-living amounts into consideration as you work on your year-end tax planning.

The Build Back Better Act is one step closer to becoming law as it passes the U.S. House.

Court Limits Sole Proprietor's Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business […]

Before you purchase a business vehicle, it's important to review the tax implications. Limitations that stretch out allowable depreciation deductions can increase the after-tax cost of buying a vehicle. Likewise, if you're considering leasing a car to be used for business, remember that lessees of expensive cars must add back a small amount of their annual lease payments when calculating their allowable annual deductions.

As we wind down 2021, you should evaluate your current tax position. Are there any last-minute moves that you can take that could help lower your federal income tax bill? The answer depends on your situation and what tax changes you expect under the Biden administration. A variety of proposed tax-law changes are on the table. With that thought in mind, here are some strategies to consider before year end.

The Infrastructure Investment and Jobs Act (IIAJ) recently signed by President Biden retroactively ended the Employer Retention Tax Credit (ERTC) to apply only through September 30, 2021

Allocating year-end tax planning time now can prove beneficial come tax filing time next year.

If you’re concerned about your 2021 tax liability, consider these year-end tax planning strategies.

Congress has passed the Infrastructure Investment and Jobs Act. Find out what tax-related provisions have been built into the new law.

If your business is now welcoming employees back in person or has just gotten back to full capacity due to the pandemic, know that you might find increased incidence of fraud. Criminals have been busy during the pandemic. So conduct a thorough risk assessment now and follow up on any suspicions — particularly if your business model has changed.

So far, the stock market in 2021 has been bullish overall. But you never know if and when values might plummet. Usually, when you sell an underperforming security that's held in a taxable brokerage firm account, it generates a tax-saving capital loss (within limits). But when the wash sale applies, the tax savings will be deferred. Here's how the rule works, including whether it applies to cryptocurrency losses.

The Per Diem Rates for 2021-2022 Are Announced The IRS has announced the special per diem rates, which are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and […]