Hurricane Fiona Relief

The IRS is providing tax relief for victims of Hurricane Fiona in Puerto Rico. Individuals and households affected by the storm that reside or have a business in any of the 78 Puerto Rican municipalities qualify for the tax relief. Affected individuals and businesses now have until Feb. 15, 2023, to file tax returns and […]

Late Filing Relief

Individuals and businesses affected by the COVID-19 pandemic may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by Sept. 30, 2022. This penalty relief is automatic. Eligible taxpayers who already filed their tax returns don’t need to apply for it and those filing now don’t need to attach any […]

Combined Federal and State Corporate Income Tax Rates in 2022

Combined Federal and State Corporate Income Tax Rates in 2022 https://bit.ly/3ChHQTM

CTC Update

Democratic lawmakers argue that a recent U.S. Census Bureau report illustrating a decline in child poverty shows the Child Tax Credit (CTC) enhancements that expired at the end of 2021 should be made permanent. From 2020 to 2021, the supplemental poverty measure among children fell to 5.2% from 9.7%. The drop is largely attributable to […]

Work Opportunity Tax Credit Update

The IRS has updated information on the Work Opportunity Tax Credit (WOTC). This credit is available to employers that hire designated categories of workers who face significant barriers to employment. In today’s tight job market, the WOTC may help employers. In IR 2022-159, the IRS updates include information about the pre-screening and certification processes. To […]

2022 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]

Remember that cryptocurrency is taxable

Do you invest in cryptocurrency? Keep in mind that selling it is a taxable event. The nature of the gain or loss depends on whether the cryptocurrency is a capital asset (for example, stocks, bonds and investment property) held by the taxpayer, as well as the length of time the position was held. What if […]

EV Tax Credit

If you’re thinking about buying an electric vehicle (EV), make sure you qualify for the EV tax credit. The Inflation Reduction Act has changed the rules. For example, qualified vehicles now must be assembled in North America. Starting Jan. 1, 2023, you no longer have to worry about snapping up an EV before its manufacturer […]

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 […]