Low Income Housing Credit Improvement Act

It’s no secret that many U.S. cities are experiencing affordable housing crises. A recent Congressional hearing considered several proposals to address the shortage of inexpensive rental units, including the Affordable Housing Credit Improvement Act. Sponsored by Senator Maria Cantwell (D-WA), the bill would enlarge the low-income housing tax credit (LIHTC), expand eligibility for it and […]

Should you buy a franchise?

CHIPS Act

Bipartisan support in Congress for a (limited) tax bill? It’s true! The pared-down CHIPS Act that would provide tax credits for companies to invest in semiconductor manufacturing has support from lawmakers in both parties. The $50 billion bill would provide a 25% tax credit for U.S. businesses that invest in chip-making as well as the […]

Individual Tax returns on extension are due October 17

If you’re one of the estimated 19 million taxpayers who’ve requested an extension to file their 2021 tax return, the filing deadline is Oct. 17. The IRS is reminding those taxpayers that they don’t have to wait until mid-October to file. If you have all the necessary information to file a return, contact us or […]

Sources of Personal Income, Tax Year 2019

From the Tax Foundation; Sources of Personal Income, Tax Year 2019 https://bit.ly/3BpoQmjhe

CBO reports on the monthly budget

The Congressional Budget Office (CBO) is reporting that the fiscal year 2022 federal budget deficit will be lower than its $1 trillion projection made a few months ago. For the first nine months of fiscal year 2022, the deficit was $514 billion. The deficit recorded during the same period last year was $2.2 trillion, larger […]

Businesses: Act now to make the most out of bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has […]

Offer in Compromise

Taxpayers who owe more taxes than they can pay may seek an Offer in Compromise (OIC) from the IRS to settle the debt for less. If the IRS finds that a taxpayer is able to pay in full, the OIC will likely be rejected. In one case, a warehouse worker who was estranged from his […]

The kiddie tax: Does it affect your family?

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the “kiddie […]

IRS audits questioned by House Ways and Means Committee

Does the IRS unfairly target some taxpayers for audits? Some members of the House Ways and Means Committee believe former FBI director, James Comey, and his onetime deputy, Andrew McCabe, were victims of politically motivated tax audits. Both men were chosen for random audits under the National Research Program. The IRS has called the accusations […]