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Tax Provisions in Recently Passed Infrastructure Bill
While most of the Infrastructure Investment & Jobs Act (IIJA) is focused on physical infrastructure projects across the country, there are a handful of tax provisions included in the bill […]
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Ex-Spouse Health Insurance Premiums Deductible as Alimony
When it comes to divorce, alimony and taxes, it is not uncommon to have a lot of questions. While most are answered with the ubiquitous “it depends,” the question of […]
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Now is a Good Time to Check Your Withholding
Have you been having enough taxes withheld from your paycheck this year? Have you experienced some unexpected financial changes? If you think you may be off in terms of taxes due, […]
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Work Opportunity Tax Credit Available to Help Employers Hire Workers
Are you having trouble hiring workers lately? The IRS wants to remind employers to check the Work Opportunity Tax Credit which is available to help companies hire long-term unemployment recipients […]
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Social Security Wage Cap & Benefit Amounts Increase for 2022
To account for cost of living adjustments and inflation, the Social Security wage cap will be $147,000, and Social Security and Supplemental Security Income (SSI) benefits will increase by 5.9 percent. […]
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Make Sure You Are Prepared for a Disaster
The IRS has reminded taxpayers to develop emergency preparedness plans due to an active hurricane season, the ongoing threat of wildfires in some parts of the country and other natural […]
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IRS is Watching How You Classify Workers
This comes up quite frequently, but it is still important enough for the IRS to issue a reminder about correctly determining whether the individuals providing services to businesses were employees […]
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IRS Issues Luxury Auto Depreciation Caps and Lease Inclusion Amounts
If your business owns or leases luxury vehicles, this could be important to your 2021 tax planning. Luxury Passenger Car Depreciation Caps The luxury car depreciation caps for passenger cars placed […]
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How to Claim Employee Retention Credit in Q3 and Q4 of 2021
The IRS has issued guidance for employers claiming the employee retention credit. In general, eligible employers can claim a refundable employee retention credit against the employer share of Social Security tax […]
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PPP Direct Forgiveness Portal Created & Why the Loan Questionnaire Was Discontinued
Are you still waiting to hear of your PPP loan was forgiven? You are not alone. PPP Direct Forgiveness Portal The SBA announced that it is launching a streamlined application […]
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IRS Updates Per Diem Rates
If you travel for business, you will likely have expenses to write off in one of two ways: recording actual expenses (with back-up receipts) or using per diem rates established […]
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Infrastructure Bill Could Put an End to Employee Retention Tax Credits
The much-discussed Infrastructure Investment and Jobs Act passed by a vote of 69-30 in the Senate in mid August. The next step will happen next week when the Senate is […]
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