Don’t forget income taxes when planning your estate

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be […]

The Coming Regulation of Digital Transactions

Federal regulation of digital transactions is a long time coming. In March 2022, President Biden directed federal agencies to assess the benefits and risks of integrating digital assets into the mainstream. On Sept. 16, he announced a digital-asset agenda that includes development of a U.S. central bank digital currency (CBDC). But the Federal Reserve first […]

Using agreed-upon procedures to target specific items of concern

Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered? Agreed-upon procedures can cover various items. For example, a CPA could provide a statement about the reliability of a company’s accounts receivable, […]

Energy Tax Credits

The Biden administration has rolled out a new webpage for taxpayers to learn more about how to claim various energy tax credits under the Inflation Reduction Act. CleanEnergy.gov serves to educate the public on incentives available for home energy conservation upgrades, including weatherization, rooftop solar systems and electric appliance installation. For each credit, the page […]

Another Budget Impasse

Government funding runs out on Sept. 30 and both the U.S. Senate and House have recently departed Washington without taking any action on a short-term funding bill. The so-called continuing resolution’s (CR’s) delay stems from Senate Majority Leader Schumer’s (D-NY) decision to attach Sen. Manchin’s (D-WV) energy project “permitting reform” proposal to the CR. Manchin […]

Earthquake refresher on the New Madrid Seismic Zone

Earthquake Hits Today in the Heart of New Madrid Seismic Zone in Missouri – Weatherboy https://bit.ly/3LCPLhs

Once-in-a-lifetime IRA to HSA transfers

Deadline Approaching

The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven’t filed – CNBC https://cnb.cx/3xEMTuN 

CBO warns on deficit projection

The Congressional Budget Office is warning that the President’s recently announced plan to forgive certain student loan debt could change its federal deficit projection. Specifically, a previous $1 trillion deficit projection for fiscal 2022 is now in doubt given that the student debt program will likely require significant outlays in September. On the other hand, […]

Clean Energy Construction Projects must satisfy requirements

Under the Inflation Reduction Act, clean energy construction projects must satisfy several labor requirements to receive full tax credit amounts. Qualifying projects must provide a prevailing wage to employees and contractors during the first five-year period a project is placed into service. The law also stipulates a minimum threshold (10% in 2022, 12.5% in 2023 […]