The IRS has begun auditing the use of corporate jets to ensure taxpayers properly allocate business use from personal use for tax purposes. These efforts are part of the agency’s larger strategic plan to increase audit enforcement and improve tax compliance among large corporations, partnerships and high-net-worth individuals. Under current law, businesses may deduct certain […]
Posted on September 21, 2023
On this episode Director of Tax Services Jonathan Kraes shares issues and opportunities for individuals who purchase private airplanes.
Posted on September 07, 2023 by
Joseph Leuchter
In this episode Associate Director of Tax Services Joseph Leuchter explains how repair regulations can create favorable tax situations for business owns, real estate developers and other tax payers.
Posted on March 16, 2023 by
Kevin McNally
In this episode, Associate Director of Tax Services Kevin McNally explains how the Inflation Reduction Act will impact individual taxpayers.
Posted on January 10, 2023 by
Magda Szabo
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, […]
Posted on December 12, 2022 by
Jeffrey Mutnik
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 […]
Posted on December 08, 2022 by
Jack Winter
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 […]
Posted on October 24, 2022 by
Angie Adames
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 […]
