Posted on February 14, 2022
by
Lewis Taub
Plaintiffs seeking compensatory and punitive damages for physical injury or mental distress often fail to recognize the tax implications of the lawsuit damages awarded to them. That information typically is revealed by legal counsel, who must have a firm understanding of the nuances of the U.S. tax code and, more importantly, how to apply those […]
Posted on February 01, 2022
by
Jeffrey Mutnik
The IRS began accepting individuals’ 2021 federal income tax returns on January 24, marking the beginning of the 2022 tax filing season. For this year, taxpayers will have an additional three to four days to meet the filing deadline, known as Tax Day, which typically falls on April 15. In 2022, Tax Day falls on […]
Posted on February 01, 2022
by
Jeffrey Mutnik
The IRS began accepting individuals’ 2021 federal income tax returns on January 24, marking the beginning of the 2022 tax filing season. For this year, taxpayers will have an additional three to four days to meet the filing deadline, known as Tax Day, which typically falls on April 15. In 2022, Tax Day falls on […]
Posted on January 20, 2022
by
Adam Cohen
Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]
Posted on January 19, 2022
by
Kevin McNally
For the first time in two years, the IRS has raised some of the optional standard mileage rate that taxpayers may use to calculate deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes in 2022. Taxpayers also have the option to calculate these expenses based on the actual costs […]
Posted on January 13, 2022
by
Joanie Stein
Preventative care is critical to averting serious (and often costly) emergencies. Just as annual medical exams can help to prevent disease, regular check-ups with your accountants and advisors can help you avoid surprise tax bills and penalties come the April tax return-filing deadline. Under the U.S.’s pay-as-you-go system of taxation, individuals are required to pay […]
Under the U.S.’s pay-as-you-go system of taxation, individuals are responsible for reporting and paying taxes on all income they receive in a given tax year, either as it is received or by the date of the taxpayers’ annual tax return-filing deadline. While taxes are automatically withheld from most workers’ wages and paid directly to the […]
Posted on January 05, 2022
by
Karen Lake
The Tax Cuts and Jobs Act’s (TCJA) introduction of a $10,000 cap on the deduction for state and local taxes (SALT) has served as a catalyst for many wealthy families to move to more tax-friendly jurisdictions, such as Florida, where they can avoid the imposition of a state-level personal income tax. However, the rules for […]
Posted on December 16, 2021
by
Jeffrey Mutnik
The IRS recently released the inflation-adjusted estate and gift exemptions for 2022, which provide families with enhanced opportunities to transfer significantly more assets to younger generations tax-free. However, families must consider these adjustments within the context of potential tax reform in the year ahead. For tax year 2022, the lifetime estate-tax exemption jumps $360,000 to […]
Posted on December 14, 2021
by
Adam Cohen
Recipients of Social Security benefits, including Supplemental Security Income (SSI), are getting a 5.9 percent increase in benefits for 2022, marking the largest cost of living adjustment (COLA) in 39 years for the nation’s retirees and special needs children and adults. This 2022 raise also breaks a decade of meager COLA increases that averaged 1.6 […]
