With the rise in the annual inflation rate, President Biden signed the Inflation Reduction Act of 2022 into law on August 16, 2022. This legislation provides an array of methods to combat inflation, including the expansion of the Research and Development (“R&D”) Tax Credit.
The U S Inflation Reduction Act of 2022, passed by both the House and Senate, introduces new tax provisions including energy efficiency credits, a tax increase for corporations and more.
The U S Inflation Reduction Act of 2022 introduces potential new tax provisions and new taxes including energy efficiency credits, a tax increase for corporations, closing the carried interest loophole and more.
The IRS has announced an update to the to the standard mileage rate, effective July 1, 2022. The standard mileage rate for business related miles will increase from 58.8 cents per mile to 62.5 per mile.
With the passage of the Tax Cuts and Jobs Act of 2017 (“TCJA”), many itemized deductions previously available to taxpayers were either limited or eliminated. Due to the significant increase in the standard deduction, many taxpayers have abandoned the task of accumulating expenses once allowed to offset taxable income as an itemized deduction.
One previously obscure section of the Internal Revenue has gotten renewed interest in recent years and it could mean significantly lower taxes for you. Policymakers have long sought to encourage investment in small businesses and one of the strongest incentives that Congress has enacted is Internal Revenue Code (IRC) Sec. 1202.
Governor Kemp ended Georgia Small Business Week by signing HB 1058, which permits affiliated corporations in Georgia to elect filing a consolidated income tax return for tax years beginning on or after January 1, 2023.
The cybersecurity landscape is rapidly becoming more challenging as the pace of attacks on organizations increases and new threats emerge. An increasing reliance on remote work necessitated by the COVID-19 pandemic has only added to these challenges.
On March 28th, the Treasury Department released details of the administration’s tax related budget recommendations for FY2023, commonly referred to as the “Green Book”. They contain recommendations from the administration to Congress for forthcoming tax legislation.
Effective for tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act (“TCJA”) of 2017 changed the treatment of Internal Revenue Code (“IRC”) Section 174 costs requiring that Research and Development (R&D) costs be capitalized and amortized over a period of 5-years for domestic expenses and 15-years for offshore expenses. Although many hoped that this unfavorable provision from the TCJA would be postponed or removed prior to December 31, 2021, the change remains in effect in 2022.
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