Posted on May 22, 2023
The IRS extended until August 15, 2023, various federal tax filing and payment deadlines for individuals and businesses impacted by recent storms, tornadoes and flooding in South Florida’s Broward County. This relief is available to individuals who reside or have a business in a federally declared disaster area or whose records necessary for filing tax […]
Operating a family-owned or closely held business requires owners to make business decisions with significant tax consequences. One example involves the compensation business owners pay themselves and whether those amounts are reasonable and whether the payments are deductible as “ordinary and necessary” business expenses. The answer can depend, in large part, on how the business […]
In this episode Mike Conkey shares the benefits of outsourced CFOs and finance team members to help professional services firms run more efficiently.
The Inflation Reduction Act (IRA) passed in 2022 ushered in enhanced tax credits for consumers who purchase new and used electric, hybrid and fuel-cell vehicles. However, it has become more difficult to qualify for the full value of the tax credit when you buy a new clean-energy vehicle that you place in service on or […]
In this episode Associate Director of Tax Services Joseph Leuchter explains bonus depreciation, changes to the law and why it’s important to plan before simply checking a box each year.
Posted on April 19, 2023
For tax years 2022 and 2023, businesses located in Florida may claim an Internship Tax Credit of up to $2,000 per student, per year, for up to five student interns they hire from one of the state’s public universities or colleges. That translates to as much as $10,000 a year in tax credits qualifying businesses […]
A key element of estate planning involves the creation of trusts to protect assets from creditors and provide financial security for beneficiaries. Over time, and especially as tax laws change, individuals must reassess existing plans and consider making changes or taking other actions to improve tax efficiency and wealth preservation for themselves and future generations. […]
Congress closed out 2022 without restoring taxpayers’ ability to fully deduct research and development (R&D) expenditures in the year incurred. Consequently, as businesses look to file their 2022 tax returns, they may be surprised to find higher taxable income and a larger tax bill than they had expected. They may also find it challenging to […]
With the start of a new year, the IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes. Alternatively, taxpayers may calculate these deductible expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2023, the […]
Posted on March 16, 2023
In this episode, Associate Director of Tax Services Kevin McNally explains how the Inflation Reduction Act will impact individual taxpayers.