The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was […]

Employee or Independent Contractor?

Employers often struggle with what seems a simple question: Are workers employees or independent contractors? It’s not uncommon for businesses to misclassify workers only to later realize their mistake. If you’re facing this situation, the IRS’s voluntary classification settlement program (VCSP) may help. The VCSP allows employers to reclassify workers as employees for future employment […]

Stock Buyback Programs

Does your public company have (or plan to establish) a stock buyback program? The new Inflation Reduction Act imposes a 1% excise tax on stock repurchases. But only some buyback programs will be affected. Buybacks treated as redemptions for tax purposes and made by domestic corporations whose stock is traded on an established securities market […]

New law puts “book income” in the crosshairs

The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first corporate alternative minimum tax based on financial statement book income since the 1980s. And many in the accounting profession are […]

IRA has many new or revised tax credits

The Clean Vehicle Credit is getting some of the attention, but the Inflation Reduction Act (IRA) also includes many new or revised home energy improvement related tax credits. For example, the credit previously known as the Residential Energy Efficient Property (REEP) Credit is now the Residential Clean Energy Credit. Individuals are allowed a personal tax […]

Happy Labor Day

“The only place success comes before work is the dictionary.” — Vince Lombardi Wishing you and your family a safe and happy Labor Day!

Will Missouri Consider a Flat Tax?

Missouri Should Consider Flat Income Tax in Special Session https://bit.ly/3B8QTWF

Should you take Social Security benefits early?

Beer Taxes by State

Comparing Beer Taxes by State, 2022 https://bit.ly/3cFcRHs

Penalty Relief

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. The relief will be automatic for qualifying individual and business taxpayers. Specifically, it applies to the failure-to-file penalty. This penalty is typically assessed at a rate of 5% per month, up […]