In this episode, Associate Director of Tax Services Kevin McNally explains how the Inflation Reduction Act will impact individual taxpayers.
The United States continues to be a destination for foreign citizens to invest their assets, conduct business and, in many cases, make their permanent home. Those individuals seeking U.S. residency often find the path to citizenship lined with a wealth of opportunities, a broad range of new responsibilities and costly liabilities, including U.S. income tax, […]
The IRS has released the annual cost-of-living adjustments to various provisions of the tax code for 2023, noting that some of the changes are significant due to persistently high inflation. For some taxpayers, these adjustments will result in higher take-home pay, larger credits and deductions, and the ability to protect more assets from the federal […]
The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]
Once again, year-end tax planning is complicated by an uncertain economic landscape. Despite a year of strong job growth and consumer spending, persistent inflation, rising interest rates and market volatility have stoked fears of an impending recession. On the political front, the November mid-term elections have left the country with a divided Congress that will […]
Companies considering a purchase of certain tangible business assets may want to accelerate those acquisitions in 2022 before they lose the full benefit of 100 percent bonus depreciation, which will begin phasing out at the end of the year. Under the Tax Cuts and Jobs Act passed into law in 2018, businesses gained the ability […]
Corporate aircraft sales that soared during the pandemic slowed slightly in 2022 as fears of a recession continue to weigh on business sentiment. While many companies will sit on the sidelines and take a wait-and-see approach before purchasing a private jet in 2023, others will act before the end of the year, and yield significant […]
Before filing your 2021 individual tax returns, consider if there is anything else you can do to reduce the taxes you owe Uncle Sam. While your annual tax liability is based primarily on the income you earned and the actions you took before December 31, 2021, you may qualify for a last-minute opportunity to cut […]
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 […]
There is a very fine line between business and pleasure when it comes to how the IRS treats business-travel expenses, including airfare, meals and lodging. In general, some or all of these costs may be deductible only when they are deemed reasonable, necessary and directly attributed to the taxpayer’s active conduct of a trade or […]