Inflation Reduction Act expands deductions for energy-efficient construction
Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient construction of commercial and residential buildings? These are the Sec. 179D deduction and the Sec. 45L credit.
Read More Inflation Reduction Act expands valuable R&D payroll tax credit
The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginning after Dec. 31, 2022. Learn more about what’s new and what requirements must be met to qualify.
Read More Federal Tax News for Businesses
Tax Credit Helps Employers Who Hire Certain Employees If your business is looking to hire, you should know about a valuable one-time tax credit. The Work Opportunity Tax Credit (WOTC), which is available through 2025, encourages employers to hire from […]
Read More How Can Small Business Owners Lower Taxes for 2022?
Good news: There's still time for small businesses to make some tax-smart moves between now and year end to lower their federal income tax bills this year. Plus, there probably won't be any significant unfavorable federal tax changes that will take effect in 2022. That means you can plan with greater certainty this year than last year. Here are some ideas to consider before New Year's Eve.
Read More Year-End Tax Planning Tips for Individuals
Have you taken the time to evaluate your personal tax situation for 2022? Fortunately, the federal income tax rules haven't changed much from last year — and it appears that no major last-minute changes are in the works. So, you can plan with more certainty this year than in some past years. Here are several strategies to consider implementing before year end.
Read More IRS offers penalty relief for 2019, 2020 tax years
The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
Read More Federal Tax News for Individuals
Tax Breaks for Home Energy Conservation Upgrades The Clean Vehicle Credit for electric vehicles is getting a great deal of attention, but the Inflation Reduction Act (IRA) also includes many new or revised home energy improvement related tax credits. For […]
Read More New Rules for EV Tax Credits Under a New Law
The Inflation Reduction Act (IRA) updates the credit of up to $7,500 for new clean vehicles and introduces a tax credit of up to $4,000 for the purchase of used electric vehicles (EVs). But several rules and restrictions apply, including limits on the prices of vehicles and the income of buyers. Here's what you should know if you're in the market to purchase a clean vehicle.
Read More Self-Employed Business Owners: What’s the Right Retirement Plan?
The self-employed have several options to consider when setting up a tax-advantaged retirement plan. Two popular options — solo 401(k)s and defined benefit pension plans — allow you to make significant annual deductible contributions, but they aren't necessarily easy to set up and operate. Here's some critical information to help evaluate these plans.
Read More Warning for retailers and other businesses using the LIFO method
Normally, the last-in, first-out (LIFO) accounting method is an effective way to defer taxes. But beware: Retailers and other businesses that use this method could be hit with an unexpected tax bill if their inventory shrinks significantly due to supply chain issues
Read More Remote auditing: A brave new world
Pandemic-related lockdowns have forced auditors to conduct many procedures off-site. That change may not necessarily be temporary. After realizing the potential benefits, remote audit procedures may be part of the “new normal” going forward.
Read More How to account for collaborative agreements
Payments related to joint ventures and other so-called “collaborative arrangements” can be tricky to report under U.S. GAAP. Our accounting pros can help provide clarity and direction.
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