Uncertain Tax Positions

A contested new requirement related to uncertain tax positions (UTPs), or how tax positions affect corporations’ income tax liability, will largely remain intact. In October, the IRS announced changes to UTP reporting. But many affected taxpayers and tax professionals objected to the requirement that they would have to cite “authoritative sources” contrary to the positions […]

The standard business mileage rate is going up in 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, […]

NY Storm Tax Relief

Few places suffered more from destructive storms during the 2022 holiday season than Erie and Genesee counties in New York. The IRS has announced tax relief for residents and businesses affected by the storm that began Dec. 23, 2022. They now have until April 18, 2023, to file quarterly excise and payroll tax returns that […]

Ransomware attacks are on the rise

Ransomware attacks are skyrocketing. In the first half of 2022, there were 236.1 million such attacks reported worldwide, according to Statista. In a recent audit, the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS is doing a good job preventing ransomware attacks against the tax agency. The audit measured the effectiveness of […]

SECURE 2.0 law may make you more secure in retirement

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original […]

Secure 2.0 changes participation in pension plans for part-time employees

Are you a part-time worker who isn’t eligible to enroll in your company’s 401(k) plan. In the future, that may no longer be the case. The new SECURE 2.0 law lowers the hurdles for long-term, part-time employees to participate in 401(k) plans. Part-time employees will need to continue to work at least 500 hours before […]

Secure 2.0 makes changes for student loan debt payments

Employees paying student loan debt may benefit significantly from a provision of the new SECURE 2.0 law. Beginning after 2023, employers will be allowed to make matching contributions to 401(k) accounts (and certain other retirement plans) with respect to “qualified student loan payments.” This is true even for taxpayers who aren’t contributing to their own […]

FAQs about QuickBooks

Almost 40 years after its launch, QuickBooks® remains the leading accounting software program for small and medium-sized businesses. If you decide to use QuickBooks for your bookkeeping needs, you may have questions about implementation and using it to run your operations. Here are answers to some basic frequently asked questions (FAQs) to help you get […]

Do you qualify for a clean vehicle tax credit?

Are you hoping to qualify for a clean vehicle tax credit? If so, there’s a new list of potentially eligible plug-in electric or fuel cell vehicles purchased after 2022. Manufacturers include Audi, Ford, Nissan, Rivian, Stellantis (Chrysler and Jeep), Tesla, Volkswagen and Volvo. Vehicles on the list don’t automatically qualify for the credit. They must […]

Secure 2.0 add new penalty exception for retirement withdrawals

SECURE 2.0 adds a new exception for taking penalty-free withdrawals from retirement accounts. The tax code imposes a 10% penalty on the taxable amount of withdrawals from accounts such as 401(k) plans and IRAs received before age 59½. There are several exceptions to the penalty. The new law adds an exception for distributions used for […]