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 […]
Posted on April 24, 2023
After filing your federal income tax return, you will likely be left with a significant stack of legal and financial documents. Don’t throw them away. You will need them in the event your return becomes the subject of an IRS audit. Here’s everything you need to know about document retention and how to protect yourself […]
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. […]
Posted on March 27, 2023
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 […]
Posted on March 23, 2023
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.
Beginning with tax year 2021, the IRS required partnerships, S corporations and other pass-through entities with “international tax relevance” to annually prepare new Schedules K-2, Partners’ Distributive Share Items – International, and K-3, Partner’s Share of Income, Deductions, Credits, etc. – International along with their Schedules K and K-1. Today, however, as these entities prepare […]
In this episode, business advisor Richard Berkowitz shares things entrepreneurs need to think about long before it is time for them to retire, sell or cash out.