Energy Credits Proposed

Among the many consequences of Russia’s invasion of Ukraine are higher energy prices and fears about oil and gas shortages. But recently, Senate Finance Committee Chairman, Ron Wyden (D-OR) argued that Congress can kill two birds with one stone by passing clean energy tax incentives. Tax breaks could help reduce the country’s dependence on foreign […]

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features […]

How’s your tax withholding?

This tax season, some taxpayers will be shocked to learn that they owe money to the IRS, perhaps because their employer didn’t withhold enough from their wages. This can also happen when an employee has more than one job or income that fluctuates throughout the year. But it’s your responsibility to ensure withholding is adequate. […]

Gig Income

If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported. The gig economy is when people earn income providing on-demand work, services or goods. Often, the gig is acquired through a digital platform, such as a smart phone app. Taxpayers must report income […]

There still may be time to cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax […]

KleptoCapture

The U.S. Department of Justice announced that it’s creating a task force, KleptoCapture, aimed at crippling the finances of rich Russians to pressure their country to end its invasion of Ukraine. Meanwhile, Senate Finance Committee Chairman Ron Wyden (D-OR) is urging Congress to further fund the IRS Criminal Investigation unit. This arm of the IRS […]

Scam Alert

With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits. Many states have reported a surge in fraudulent unemployment claims filed using stolen identities. Unemployment benefits are taxable income and are reported to recipients on Form […]

Are you ready for the new disclosure requirements for government assistance?

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government assistance The term “government assistance” may refer to perks and other incentives policymakers provide to […]

Waiting for a Refund?

Are you wondering how long you’ll have to wait for a federal tax return? Assuming you e-filed, your tax situation is relatively uncomplicated and your return’s accurate, the IRS reports that your refund will likely arrive in less than 21 calendar days. As of Feb. 18, the IRS had issued more than 22 million refunds […]

The tax implications of owning a corporate aircraft

If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if your company buys a plane used only for business, […]