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IRS Releases 2022 Draft Partnership Instructions to Form 1065

November 18, 2022

On 10/25/2022, the IRS updated the draft Partnership Instructions for Schedule K-2 and K-3, Form 1065, for the 2022 tax…

Which Level of Assurance Is Right for Your Organization?

November 16, 2022

Most organizations hire a CPA to issue financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). But not…

Is your income high enough to owe two extra taxes?

November 3, 2022

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax…

Tax and Other Financial Consequences of Tax-Free Bonds

November 3, 2022

If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the…

IRA Expands Deductions for Energy-Efficient Construction

November 3, 2022

Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act…

Cash In on Corporate Deductions for Charitable Donations

November 3, 2022

Most people already understand the tax rules for individual charitable donations, including generous deductions that may be available to itemizers…

How Can Small Business Owners Lower Taxes for 2022?

November 3, 2022

It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should…

New Business Travel Per Diem Rates Announced for 2023

October 17, 2022

Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for…

Social Security Recipients Will Receive Large Increase in 2023

October 17, 2022

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase by 8.7% in…

IRS Warns: Beware of Texting Scams for Personal Tax Data

October 4, 2022

The IRS is warning of a recent surge in the incidence of scams in which fraudsters send text messages that…

Watch Out for Scam Charities

October 4, 2022

Have you been contacted by a charity that pulls on your heartstrings and persuades you to open your wallet? There…

Deductible Medical Expenses You Might Have Missed

October 4, 2022

How high can you jump? To claim a deduction for medical expenses on your personal tax return, you have to…