The IRS is offering automatic penalty relief for 2019 and 2020 on certain late filing penalties
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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.
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 otherwise known as the “SECURE Act” was signed into law. This law made important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules.
On June 14, 2022, the United States Senate Committee on Finance heard testimonies from small business owners, members of the U.S. Government Accountability office and members of the Streamlined Sales Tax Governing Board on the increasing complexity and cost of sales tax compliance since the U.S. Supreme Court’s 2018 Wayfair decision.
Taxpayers with foreign income have additional IRS forms they must complete each tax season to avoid penalties.
For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.
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.
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 otherwise known as the “SECURE Act” was signed into law. This law made important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules.
In the early stages of the pandemic, state revenue forecasts anticipated losses of approximately $370 million (a decrease of over 40%). Amidst these changes, states looked to evolve their existing tax laws to bridge the anticipated budgetary shortfalls.
