Posted on December 08, 2021
by
Tomoko Shoji
The IRS recently released its cost-of-living adjustments for retirement savers in 2022, increasing the annual contribution limits for those with 401(k), 403(b), most 457 plans and SIMPLE IRAs, while also raising the income range for individuals to qualify for deductible contributions to traditional IRAs. Employer-Sponsored Plans The maximum salary deferral for 2022 contributions to employer-sponsored […]
Posted on December 02, 2021
by
Jack Winter
The IRS has released the annual inflation adjustments to various provisions of the tax code for 2022, noting that the changes are significant due to increases in consumer prices and inflation over the past 12 months. Individual taxpayers should consider these changes very carefully as they plan for tax efficiency in the year ahead and […]
Posted on November 22, 2021
by
Andrew Leonard
Included in the $1 trillion U.S. Infrastructure Investment and Jobs Act (IIJA) signed into law on Nov. 15, 2021, is an early termination of the employee retention tax credit (ERTC) that has helped incentivize qualifying businesses and not-for-profits to keep employees on payroll through the COVID-19 pandemic. Under the Act, the availability of the ERTC […]
Once again, year-end planning is complicated by an uncertain tax landscape that hinges on the government’s ability to pass legislation. As Congress continues to negotiate and pare down the administration’s original $3.5 trillion Build Back Better spending bill, taxpayers must tread carefully when making decisions that could impact their businesses and personal wealth for many […]
Posted on November 11, 2021
by
Rick Bazzani
Considering the rapid pace at which tax laws change and the amount of time and effort taxpayers spend preparing to file their federal income tax returns, it’s no wonder that mistakes can occur. Luckily, the IRS offers a few options for taxpayers to correct errors or make other changes to their originally filed returns. To […]
Posted on November 03, 2021
by
Lewis Taub
For tax year 2021, business interest expense deduction limitations return to their pre-COVID levels, impacting a broad range of business activities, including merger and acquisitions (M&As). Affected companies must prepare to quantify how this reduced benefit will impact their bottom lines and these transactions moving forward. Under the Tax Cuts and Jobs Act (TCJA) enacted […]
Posted on October 20, 2021
by
Adam Cohen
Giving money to charity enables you to support the issues, organizations and causes that are important to you. Not only do these efforts fill you with pride and gratitude, but they may also enable you to reduce your tax liabilities, especially for tax years 2020 and 2021. Individual Taxpayers Among the provisions included in the […]
Posted on October 14, 2021
by
Jeffrey Mutnik
If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]
Posted on October 04, 2021
by
Jeffrey Mutnik
On September 25, the House Budget Committee voted to approve the latest round of recommended changes to the U.S. tax code as part of the president’s $3.5 trillion Build Back Better Act. The draft legislation calls for higher taxes, but at rates that are not as high as previously proposed. In addition, it fails to […]
Posted on September 24, 2021
by
Jeffrey Mutnik
When individuals sign legal documents, including personal checks, contracts, tax returns, etc., they generally are not required to add any language explaining who they are. Their names alone satisfy the legal requirements for validating those documents. However, when those people are also officers of corporations or managers of partnerships or LLCs, they usually include their […]
