Client Alert: State Passthrough Tax
The purpose of this memo is to alert you to a tax issue which has penalized you since 2018, and an opportunity to mitigate this – new for 2022. After…
Fourth Quarter Estimated Tax Payments Extended
Fourth Quarter Estimated tax payments for residents of certain states affected by Hurricane Ian for 2022 are due February 15, 2023, not January 15, 2023 On October 5, 2022, due…
A Quick Summary of the Inflation Reduction Act
The Inflation Reduction Act (IRA) of 2022 impacts a wide variety of areas, from climate to health care. While several areas are covered, there are two main goals. First, the…
Tax Savings for Energy-Efficient Commercial Buildings in the Inflation Reduction Act
The Inflation Reduction Act (IRA) of 2022 provides massive amounts of incentives for clean energy, zero-emissions vehicles, energy-efficient buildings, and other “green” technologies. One such provision amends the energy-efficient commercial…
Accounting considerations for pass through entity tax
Inflation Reduction Act of 2022
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. This bill has passed both the House and Senate along party lines. A…
How the Inflation Reduction Act Could Affect Construction Contractors
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The IRA contains numerous changes to the Internal Revenue Code (IRC) intended to boost…
IRS Notices for Deferred Social Security Tax Payments
When the Coronavirus Aid, Relief and Economic Security Act (CARES Act), was released, it provided taxpayers with the ability to defer an employer’s portion of Social Security taxes, as well…
Should You Switch From Accrual to the Cash Method of Accounting?
The passage of the Tax Cuts and Jobs Act of 2017 (TCJA) created additional opportunities for taxpayers to choose the cash method of accounting as the definition of a small…