How High Inflation May Affect You Tax-Wise for 2023
[ad_1] Each year, the IRS calculates inflation adjustments for various tax provisions for the following tax year. Typically, the inflation adjustments for the upcoming tax year are announced in early November; therefore, official inflation adjustments for the 2023 tax year should be released at that time. Wolters Kluwer, a global provider of professional information, services, […]
President Biden Signs Inflation Reduction Act
[ad_1] On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (the “Act”) into law. The bill passed Congress with a vote of 220-207 in the House, and 51-50 in the Senate, with Vice President Kamala Harris casting the tiebreaking vote. The Act is massive, with over 300 pages of tax-related […]
Roth IRA – Is it a good time to convert?
[ad_1] As stock market values have fallen recently, many taxpayers are considering converting assets in their traditional IRA to a Roth IRA. Current laws allow taxpayers to contribute a maximum of $6,000 directly to a Roth IRA and $7,000 if you’re age 50 or older (for 2022). Direct Roth IRA contributions are also limited by […]
Did You Receive Advance Child Tax Credit Payments From the IRS in 2021?
[ad_1] The American Rescue Plan Act of 2021 (“ARPA”) included modifications to a number of existing tax provisions, including a significant overhaul of the child tax credit for the 2021 tax year. The ARPA increased the amount of the child tax credit and increased the maximum age of qualifying children. The credit phases out for […]
Summary of Tax Proposals Released by House Ways & Means Committee on September 13, 2021
[ad_1] On September 13, 2021, the House Ways and Means Committee released draft legislative text of tax proposals contained in a $3.5 trillion spending and tax package that would advance many of President Biden’s economic and social policies. The tax proposals will be considered and marked up in Committee on September 14 and 15. Democrats […]
IRS Rules for Filing Form 1099-Misc and Form 1099-NEW for the 2020 Tax Year
[ad_1] 1099-MISC & 1099-NEC Below is important information regarding Internal Revenue Service requirements for issuing Form 1099-MISC and Form 1099-NEC for the 2020 tax year. Form 1099-NEC is new for 2020 and is used to report nonemployee compensation formerly reported on Form 1099-MISC. Individuals who conduct a trade or business reported on their individual income […]
Tennessee Department of Revenue to Provide Two TN Sales Tax Holidays in 2020
[ad_1] Mark your calendars! For 2020 only, the Tennessee General Assembly has approved two sales tax holiday weekends to help Tennesseans save money and support the economy amid the COVID-19 pandemic. The first tax-free holiday weekend focuses on clothing and other back-to-school items. It begins at 12:01 a.m. on Friday, July 31, and ends Sunday, […]
Treasury and Federal Reserve Announce Main Street Lending Program For Small and Midsize Businesses
[ad_1] On April 9, 2020, the Department of the Treasury and the Federal Reserve Board announced additional incentives geared toward promoting maximum employment and stabilizing the economy, including a $600 billion low-interest loan program designed to fill in gaps in the recently enacted Small Business Administration’s Paycheck Protection Program (PPP). This program, called the Main […]
Business Tax Relief Under the CARES Act
[ad_1] Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”) on March 27, 2020. The $2.2 trillion price tag for tax relief and incentives for individuals and businesses makes it the most expensive piece of legislation ever passed. Employee Retention Credit The CARES Act grants eligible employers a credit against employment […]
Income Tax Deadline Changes Due to Covid-19 and Information About Changes to Our Office Hours
[ad_1] Changes to Tax Deadlines We continue to closely monitor events surrounding the Coronavirus (COVID-19) pandemic. On March 17, the Treasury Department announced an extension of time, until July 15, 2020, for individual and corporate taxpayers to pay 2019 federal income taxes (see our email update of March 18, 2020). This additional period to pay also applies […]
