Tax

Transferring wealth between generations. A son/father or grandson/grandfather stare at eachother in their family place of business.

Take Control of Your Legacy: Planning for Generational Wealth Transfer

November 29, 2022

The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these…

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IRS Announces Retirement Plan Contribution Limits for 2023

November 3, 2022

On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid…

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Understanding the IRS Disaster Relief Programs for Taxpayers

November 2, 2022

Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation…

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The New 1099Ks Are Coming: Are You Ready?

September 5, 2022

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…

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Business Tax Implications of the Inflation Reduction Act (IRA)

August 18, 2022

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which…

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Are You Up to Date on Travel Deductions as Business Travel Returns?

July 13, 2022

Business travel is back.   COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are…

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What to Do If You’re the Subject of a Sales Tax Audit (and 4 Steps to Avoid One)

July 13, 2022

After the U.S. Supreme Court’s 2017 decision in South Dakota vs. Wayfair, many states quickly enacted laws resembling South Dakota’s to collect sales tax on…

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2022 Business mileage reimbursement

IRS Increases Mileage Rates Reimbursements for Second Half of 2022

June 14, 2022

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…

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It’s Time to Re-examine the Pros, Cons of Cryptoassets

May 19, 2022

From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making…

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Navigating the IRS Backlog

May 3, 2022

The start of a new tax filing season often brings with it longer hold times with the IRS, as taxpayers and their tax preparers inundate…

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