On October 30, all members of the G20 endorsed a global corporate minimum tax rate of 15% in an effort to discourage countries from slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international agreement in October among 136 of the 140 Organization […]
Global Corporate Minimum Tax Rate Endorsed by G20 Read More »
Curious what your tax bracket will be in 2022? Now you will know since the IRS recently released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. 2022 Income Tax Brackets For 2022,
IRS Releases 2022 Tax Tables and Other Amounts Read More »
Did you apply for an Economic Injury Disaster Loan (EIDL) and get turned down? Or did you mean to apply and never got to it? We have what could be good news for you, but the deadline to apply is fast approaching. First, let’s explain what each program is and how they differ. Overview of
Economic Injury Disaster Loan Funds are Still Available Read More »
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 as well, including: End of Employee Retention Credit The American Rescue Plan Act extended the Employee Retention Credit (ERC) for the third and fourth quarters
Tax Provisions in Recently Passed Infrastructure Bill Read More »
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 whether paying health insurance premiums can qualify as alimony has been resolved. In a recent court decision, the court ruled that an individual can
Ex-Spouse Health Insurance Premiums Deductible as Alimony Read More »
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, the IRS’s Tax Withholding Estimator can help you determine: If you have withheld too much and how to make an adjustment to put more cash into your
Now is a Good Time to Check Your Withholding Read More »
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 and other groups of workers facing significant barriers to employment. The Work Opportunity Tax Credit encourages employers to hire workers certified as members of any
Work Opportunity Tax Credit Available to Help Employers Hire Workers Read More »
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. Wage Tax for Social Security Tax The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the employee and the employer.
Social Security Wage Cap & Benefit Amounts Increase for 2022 Read More »
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 or man-made disasters that can occur. Taxpayers should: Secure critical documents such as tax returns, birth certificates, deeds, titles and insurance policies inside waterproof containers
Make Sure You Are Prepared for a Disaster Read More »
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 or independent contractors. Keep in mind that an employee performs services that a business controls. Independent contractors offer their services to multiple businesses or the
IRS is Watching How You Classify Workers Read More »
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 in service in 2021 are limited to the following annual depreciation deductions: $10,200 for the first year without bonus depreciation $18,200 for the first year
IRS Issues Luxury Auto Depreciation Caps and Lease Inclusion Amounts Read More »
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 equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021, limited to wages paid of $10,000
How to Claim Employee Retention Credit in Q3 and Q4 of 2021 Read More »