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The
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Client News
Inside a rescue pilot’s mission to save 26 dogs in Texas — and find them forever homes
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Latest Tax
Alerts
Check out the latest tax
alert section of our website, full of links and articles for professional and personal tax news. Read
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OECD Delays Pillar One of International Tax Reform to Mid-2023
The Organisation for Economic Co-operations and Development (OECD) is delaying ... Read
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GAO Issues Report on Stimulus Checks During COVID-19 Pandemic
The Government Accountability Office (GAO) issued a report ... Read
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AICPA Offers Recommendations on Required Minimum Distribution Proposal
The American Institute of CPAs offered the Internal Revenue Service ... Read More
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IRS Helps Taxpayers Understand How and Why Agency Representatives May Reach Out
The IRS has released a Fact Sheet to help taxpayers understand ... Read
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Senate Dems Call For Filing Extension Due to ITIN Processing Delays
A group of Senate Democrats is calling on the IRS to extend ... Read
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President Biden Signs Inflation Reduction Act Into Law
By: Brian Whelan, CPA, Partner
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 President Biden, on August 16, 2022, signed the Inflation Reduction Act ( P.L. 117-169) into law following its passage along party lines in both chambers of Congress. The law is a slimmed down version of the Build Back Better Act that passed the House in 2021 but failed to even come up for a vote in the Senate due to opposition primarily from Sen. Joe Manchin (D-W.V.). The Inflation Reduction Act did manage to keep some of the failed Build Back Better Act’s provisions in terms of generating revenues from corporations and wealthy taxpayers, as well as meeting some of the White House’s goals in the energy and health care sectors. The law includes a one percent excise tax on stock repurchases ... Read More
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IRS Urges Business Owners to Take Advantage of Tax Benefits for 2022, IR-2022-100; IR-2022-101; IR-2022-103; IR-2022-104
By: Annemarie Aguanno, CPA, Partner
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During the National Small Business Week, May 1 to 7, the IRS highlighted tax benefits and resources tied to the theme for this year’s celebration: " Building a Better America through Entrepreneurship.".The IRS urged business taxpayers to take advantage of tax benefits for 2022, make estimated tax payments electronically, e-file payroll tax returns, and check out the Work Opportunity Credit. The IRS urged business taxpayers to begin planning now to take advantage of the enhanced 100 percent deduction for business meals and other tax benefits available to them when filing their 2022 income tax return. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Further, more information ... Read More
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IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022, IR-2022-113
By: Tracy Tasch, CPA, Tax Manager
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The IRS began its "Dirty Dozen" list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. Those four abusive transactions involve charitable remainder annuity trusts, Maltese individual retirement arrangements, foreign captive insurance and monetized installment sales. These are the first four entries in this year’s Dirty Dozen series. Taxpayers who have already claimed the purported tax benefits of one of these four transactions on a tax return should consider taking corrective steps ... Read More
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