Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic is especially relevant during this tax compliance season because of recent declines in the stock market and a challenging overall business environment.
The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives is anticipated to have a significant impact on real estate and construction industry.
The IRS and Treasury Department have issued interim guidance on the corporate excise tax introduced in the Inflation Reduction Act. Here's what you need to know.
The Treasury Department and the IRS issued interim guidance on how the new corporate AMT applies to partnership interests, consolidated return groups and other significant events that affect corporations, including merger and acquisition activities and excepted cancellation of debt income.
Over 90 changes to the federal rules governing workplace retirement plans were introduced in the SECURE 2.0 Act of 2022. Here's what you need to know.
A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years.
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.
The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide.
Receiving an audit notice from a state tax authority is one of the worst feelings a small business can have. Unfortunately, as states pursue tax collection, sales and use tax audits have become a standard part of doing business. If your business is undergoing a sales tax audit or is worried about dealing with one in the future, here are four tips to navigate, prepare for, and avoid a sales tax audit.
For many businesses, it’s been a minute since they’ve had to account for employee travel expenses. So it might be time for a refresher on which expenses are tax-deductible, which aren’t, and what pandemic-related tax incentives are available.
