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NEWS & INSIGHTS

Year-End Strategies for Business Tax Planning

As the year draws to a close, here are some year-end strategies that might help your business's taxable income for 2022.

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Tax Strategy: Prospects for Year-End Tax Legislation

In the current Congress, there will be considerable pressure to take some action. A new budget for the 2023 fiscal year has not yet been approved, along with the related spending bill.

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Reminder to IRA Owners Age 70½ or Over: Qualified Charitable Distributions are Great Options for Making Tax-Free Gifts to Charity

The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year.

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Individual Tax Planning Strategies for 2022

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Employers warned to beware of third parties promoting improper Employee Retention Credit claims

The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify.

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IRS provides tax inflation adjustments for tax year 2023

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

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401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.

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IRS Raises Per Diem Rates for Business Travel 2022-2023 Special Per Diem Rates

The IRS announces 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home.

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The Department of Energy’s Full List of Electric Vehicles that Currently Qualify for the Credit

In an effort to encourage electric vehicle production and mass adoption, the Inflation Reduction Act was recently signed.

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IRS Announces Interest Rate Increases for the Fourth Quarter of 2022; 6% Rate Applies to Most Taxpayers Oct. 1

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022.

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IRS relieves penalties for 2019 and 2020

A broad range of tax and information returns for 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS Wednesday.

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September is National Preparedness Month; IRS urges everyone to update and secure their records to prepare now for natural disasters

September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places everyone needs a solid strategy.

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Top 5 Things Dairies Need to Know about the Employee Retention Credit

The Employee Retention Credit (ERC) is a powerful federal incentive meant to offset issues for business owners but there is some uncertainty in many communities about how the credit works.

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Tax Advice for Claiming a Dependent Who Works

When your dependent enters the workforce for the first time, you may find yourself wondering how their employment status affects your tax situation.

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COVID Tax Tip 2022-99: An Overview of the IRS’s 2022 Dirty Dozen Tax Scams

Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime.

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Here’s What Tax Payers Need to Know About Business Related Travel Deductions

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast.

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People Should Know if Their Pastime is a Hobby or a Business

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit.

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IRS Increases Mileage Rate for Remainder of 2022

The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022.

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IRS updates feature on ‘Where’s My Refund?’ Taxpayers can now track refunds for past two years

The Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature for taxpayers.

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Here’s what businesses need to know about the enhanced business meal deduction

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return.

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IRS revises 2021 Child Tax Credit and Advance Child Tax Credit frequently asked questions

The IRS issued a revised set of frequently asked questions for the 2021 Child Tax Credit on May 20, 2022.

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IRS Interest Rates Increase for the Third Quarter of 2022

In the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points.

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What Elevated Inflation Means for Retirement Savers

Inflation may have you worried about your retirement. In April, the consumer price index, which measures the prices of goods and services, notched an 8.3% increase from the year-earlier period.

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Important Tax Reminders for People Selling a Home

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.

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Treasury Greenbook proposes to raise taxes on corporations and wealthy

The Treasury Department released its “Greenbook” Monday detailing the tax proposals in the Biden administration’s budget, including plans to raise the corporate tax rate to 28%.

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IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on virtual currency transactions for 2021

All taxpayers filing Form 1040, Form 1040-SR or Form 1040-NR must check one box answering either “Yes” or “No” to the virtual currency question. The question must be answered by all taxpayers.

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EIDL Borrowers Receiving Additional Six-Month Deferment

The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months.

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IRS Launches Resource page on IRS.gov with Latest Details and Information for Taxpayers During Filing Season

The Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season.

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IRS Provides Additional Updates to Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit

The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

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IRS Reminds Taxpayers their Social Security Benefits may be Taxable

The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits.

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IRS Continues Work to Help Taxpayers; Suspends Mailing of Additional Letters

As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters.

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Taxpayers Must Report Gig Economy Earnings When Filing Taxes

Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities

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Taxpayer Advocate Warns of Tax Refund Delays this Season

The National Taxpayer Advocate, Erin Collins expressed her deep concerns about the upcoming tax filing season in a recent report to Congress.

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IRS Adjusts Tax Item Amounts for 2021 Due to Inflation

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

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Ranges for IRA Eligibility Change for 2021

Income ranges for eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit will all increase for 2021.

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IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire

The IRS and the Treasury Department have issued guidance for the tax treatment of expenses when a loan from the SBA's Paycheck Protection Program is not forgiven by year's end.

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Employee Retention Credit Under COVID-19 Relief

Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.

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New IRS Form Lets Self-Employed Claim Sick and Family Leave Credits

A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act.

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IRS Offers Guidance on Employee Retention Credit and PPP Eligibility

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

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Summarizing the Tax Provisions of the New Covid Stimulus Plan

The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals.

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SBA Defers EIDL Payments until 2022

Small businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022.

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IRS ups tax credit amounts for inflation after American Rescue Plan

The Internal Revenue Service is increasing the inflation-adjusted amounts of the Child Tax Credit and Earned Income Tax Credit for this year in accordance with the latest coronavirus relief package.

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What’s in Biden's $1.8T spending plan

President Joe Biden’s administration on Wednesday unveiled a $1.8 trillion, 10-year plan to ramp up federal support for American families.

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Biden calls for raising taxes on capital gains and wealthy

President Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains.

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Inflation brings big changes in tax brackets

The high inflation amounts that households and businesses have been experiencing this year are likely to lead to larger increases in tax brackets and other inflation-adjusted tax items in 2022.

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Early Sunset of the Employee Retention Credit gets Penalty Relief

Employers that received an advance payment of the employee retention credit (ERC) may repay or deposit the taxes without penalty under guidance issued Monday by the IRS.

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Standard Mileage Rates to go up in 2022

the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year.

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Infrastructure bill tax provisions include ERC termination

There are relatively few tax provisions in the infrastructure legislation, but more extensive changes may be coming in a fiscal year 2022 budget reconciliation bill that remains under consideration.

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IRS issues inflation adjustments for 2022 returns

The IRS issued Rev. Proc. 2021-45 Wednesday, November 10, 2021, adjusting for inflation a wide array of amounts applicable to the 2022 tax year.

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Social Security wage base, COLA set for 2022

The maximum amount of an individual's taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced Wednesday.

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Tax Strategy: Year-end planning amid tax uncertainty

It seems like most years we say that year-end planning is especially important. Part of the reason for that is that Congress tends to enact tax law changes every year.

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$600 is now $10,000 when it comes to tax dodging, and the IRS wants to crack down

The Biden administration has proposed requiring all financial institutions to report annually to the IRS all of a consumer’s transactions if they total at least $10,000.

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Democrats’ tax plan kills backdoor Roths, sharply curbs founder stock loophole

Farewell to backdoor Roth conversions and goodbye to half of a massive tax break for many entrepreneurs and their original investors.

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2022 tax filing season begins Jan. 24

The Internal Revenue Service said Monday that it will begin processing and accepting 2021 tax returns on Monday, Jan. 24, and the filing deadline will be Monday, April 18.

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Hurricane Ida tax relief extended to Feb. 15 for part or all of 6 qualifying states

Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the IRS announced.

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Tax provisions in the Build Back Better act

The House of Representatives on the morning of November 19, 2021 passed H.R. 5376, the Build Back Better Act, by a vote of 220–213.

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IRS announces 401(k) limit increases to $20,500

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.

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Backdoor Roths aren't the only casualty of the Democrats’ tax plan

A plan by top Democrats to raise taxes on the wealthy and corporations would axe two of the most lucrative benefits in the current tax code for affluent and soon-to-be-rich people.

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How will the Democrat's tax bill affect your income?

Bloomberg Tax & Accounting is projecting the following 2022 income ranges for each tax rate bracket for married taxpayers filing jointly and for single taxpayers below.

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Retirement and taxes: Understanding IRAs

Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement.

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Important additional guidance for employers claiming the employee retention credit

The IRS recently issued further guidance on the employee retention credit as it applies to employers who pay qualified wages after June 30, 2021, and before January 1, 2022.

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I want to gift my business, but what's the right strategy for minimizing taxes?

Due to low interest rates, high estate tax exemption and depressed business valuations, many small business owners are considering gifting a portion or all their equity in order to transfer future app

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The Best Back to School College Tax Breaks for 2021

The summer season is quickly coming to an end, and for many students that means it's time to get back into the school routine. To make this transition easier on your wallet, here are some of the best.

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US Small Business Administration to Unveil Online Forgiveness Portal for PPP Borrowers

The SBA hopes to simplify the process of forgiveness for millions of small businesses that survived the pandemic with loans from the Paycheck Protection Program.

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A Few Tips For Opting Out Of Advance Payments Of The Child Tax Credit

Many tax professionals are predicting that most taxpayers are going to neglect to opt out of the Advance Child Tax Credit (CTC) for many different reasons. Regardless, you may end up surprised, frustr

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IRS: Some people get more time to file without asking; Anyone else can request an automatic extension

Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.

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LOUISIANA Tax Return Filing and Tax Payment Deadlines Extended for Individuals and Businesses Impacted by Severe Winter Storm

In accordance with LA R.S. 47:1514(C), the Secretary of the Louisiana Department of Revenue (“Department”) is granting automatic filing and payment extensions to some taxpayers.

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IRS Announces Tax Relief for Louisiana Severe Winter Storm Victims

Victims of Winter Storms that occurred February 11-19, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments.

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SBA Establishes a 14-day, Exclusive PPP Loan Application Period for Businesses and Nonprofits With Fewer Than 20 Employees

On Monday, February 22, President Biden announced the following changes to SBA's coronavirus relief programs to ensure equity.

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IRS Announces Tax Relief for Hurricane Zeta Victims in Louisiana

Vvictims of Hurricane Zeta (October 26, 2020) now have until March 1, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

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Picking the Top Tax Breaks from the Latest Stimulus Package

The COVID-19 relief package that Congress agreed to last month provides many useful tax breaks, including claiming restaurant meals as 100% business deductions.

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Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide

Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide

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ATTENTION EMPLOYERS: Feb. 1, 2021 deadline for Form W-2, other wage statements

This upcoming tax season, however, Jan. 31 falls on a Sunday, pushing the due dates to the next business day, which is Monday, Feb. 1.

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IRS to delay tax season until Feb. 12

The IRS announced earlier this week that all tax forms and instructions are ready and that last-minute changes to the tax laws have been included in all the tax forms and instructions.

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The $900 Billion Coronavirus Stimulus Package: What You Need to Read

Senate leadership announced a bipartisan deal on an approximately $900 billion economic relief package late Sunday afternoon that would deliver emergency aid to a faltering economy.

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Get ready to file taxes: What to do before the tax year ends

There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season.

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What CPAs and Accountants Believe 2021 has in Store

For their annual survey, Accounting Today polled a wide range of CPA and Accounting firms in early November. 170 firms were asked about everything from their plans and expectations, future tax seasons

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IRS Warning: Scams are In-Stock for the Holidays

The Internal Revenue Service has issued warnings to all taxpayers to beware of scams and identity theft schemes by criminals taking advantage of the approaching holiday season.

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S Corp Status for Small Business: Tax Pros and Cons

If you’re trying to decide how to structure your small business, you may be looking at an S corp. Usually, you’d be considering either a C corporation or an S corporation and be weighing the benefits

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IRS Provides Flexibility to Taxpayers with Tax Debts Amid Coronavirus

To provide relief from tax penalties, the IRS is highlighting reasonable cause assistance for taxpayers with failure to file, pay and deposit penalties.

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IRS Updates Per Diem Rates for 2020-2021

The Internal Revenue Service (IRS) issued their special per diem rates. These rates are the deducted expenses they are allowed for lodging, meals and incidentals.

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Prepare Now for Potential Higher Post-Election Taxes

Corporate executives are preparing for tax rate increases no matter who wins the November presidential election.

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Considering Options about Payroll Tax Deferral

While the deferral may be appealing to eligible employees, there are potential implications and risks for businesses.

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Election 2020: Trump vs. Biden on Tax Policy

A quick summary of the two candidates’ proposed policies for corporate taxes.

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IRS to send 13.9M taxpayers interest on their refunds

The Internal Revenue Service and the Treasury plan to send interest payments averaging $18 to approximately 13.9 million taxpayers.

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Registration Reopens for $500 Stimulus Claims

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IRS: Pending check payments and payment notices

If you have mailed a check to the IRS with or without a tax return, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19.

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IRS: Unemployment compensation is taxable; Have tax withheld now and avoid a tax-time surprise

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Main Street To Start Taking Grant Applications By July 28

Small businesses can start applying by July 28 for grants to help cover COVID 19-related expenses.

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Louisiana Main Street Recovery Program

In an effort to get Louisiana businesses the economic support they need, Act 311 of the Louisiana 2020 Regular Session set aside $275 million for the Main Street Recovery Program.

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How taxpayers can troubleshoot common after-tax-day issues

While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues.

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5 reasons to delay applying for PPP loan forgiveness

While you may be anxious to apply for forgiveness, here are five factors affecting the forgiveness application process.

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2020 RMD Waiver under CARES Act 2020

One of the more beneficial features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act for retirees is the waiver of required minimum distributions (RMDs) for 2020.

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PPP Borrowers Breathe a Great Sigh of Relief as Senate Passes Bill

The Senate passed the bill on the popular Paycheck Protection Program on Wednesday allowing small businesses to have more flexibility on spending these funds.

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Borrower-Friendly Application For PPP Loan Forgiveness

Business owners who received their PPP loans before June 5 have an option to calculate their forgiveness based on either the original 8-week covered period or the extended 24-week period.

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Louisiana Governor Signs GOP’s $300M Small Business Aid Plan

The Democratic governor John Bel Edwards signed the Republican lawmakers’ Thursday move to spend $300 million to assist small businesses to recover from the Covid-19 pandemic.

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New Tax Strategies During the Coronavirus Pandemic

Here are tax strategies businesses and individuals can use to reduce effects of COVID-19 pandemic taking advantage of government provisions.

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New 2021 Limits for HSAs and High-Deductible Health Plans

In the Revenue Procedure 2020-32, the Internal Revenue Service (IRS) announced the annual inflation-adjusted Health Savings Account (HAS) contribution limits for the 2021 calendar year.

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Steps To Ensure Forgivable PPP Loan

From the four main focus areas, you need to analyze each and ensure your business falls under the complex forgiveness rules for maximum loan forgiveness.

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CDC Outlines Safety Guidelines for Reopening

The Centers for Disease Control (CDC) has outlined safety guidelines for businesses deciding to reopen across the country. While not all states are allowed to open their doors, there are many that are

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