January 2022

The alternative minimum tax (AMT) rules are confusing for many people. Although the corporate AMT was permanently eliminated by the Tax Cuts and Jobs Act, some individuals may still owe the AMT. Are you at risk for this dreaded tax? Here's a refresher on the AMT rules that apply to individual taxpayers for 2018 through 2025.

For Business Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires […]

  Important Tax Figures for 2022 The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2022 2021 […]

Determining eligibility for the research and development (R&D) credit and calculating the amount can be complicated. Many manufacturers mistakenly think they won't qualify. But you shouldn't pass up the opportunity to benefit from this tax break. This article explains how to qualify for the R&D credit, clears up four common misconceptions and discusses how the credit amount is calculated.

Are you planning to gift cash or assets to family members this holiday season? The annual gift tax exclusion is $15,000 in 2021 and is increasing to $16,000 per recipient in 2022. Here's how annual gift-giving may result in major tax breaks for your family. But time may be limited. Today's favorable gift and estate tax rules are scheduled to change in 2026 — or possibly sooner depending on tax law developments.

Hall, Kistler & Company Elects Keith A. Arner Managing Partner