By Charles Dean Smith, Jr., CPA | Bipartisan proposed legislation would prevent individual taxpayers from incurring federal penalties for failing to accurately calculate estimated payments for current-year tax liability when requesting tax filing extension
From corporate tax changes to clean energy tax credits, the 179D commercial building deduction, and more, the Inflation Reduction Act contains a myriad of tax law changes for 2023 and beyond. This article details 12 tax changes likely to impact most taxpayers.
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If you had a surprise tax bill this past filing season, it may be an opportune time to review your paycheck withholdings and estimated tax payment requirements by using the free IRS tax withholding estimator. Changes to income tax withholding amounts on Form W-2s or 1099s can be made at any point during the year by filing an updated Form W-4.
It’s increasingly common for U.S. companies to do some portion of their business overseas. For those businesses, reporting on foreign transactions for tax purposes can become complicated. In this blog, we outline several steps to begin managing your tax reporting responsibilities.
Businesses are naturally concerned about the safety and security of their own company deposits. But letting cash reserves sit in a savings account isn’t necessarily the best answer. To optimize your cash reserves, being aware of all available options is critical.
179D, a popular energy efficiency tax incentive, has been expanded and upgraded in 2022’s Inflation Reduction Act. From new deduction amounts to prevailing wage requirements, learn about changes to 179D.
New battery sourcing requirements for electric vehicles took effect after April 18, 2023. This change means that far fewer vehicles qualify for the full $7,500 Clean Vehicle Tax Credit.
Navigating the shift from college to adulthood can be challenging, especially when it comes to financial management. Contributing early to retirement plans and managing credit, savings, and student loans can make a big difference in long-term financial health.
On February 24, 2023, the Federal Register announced changes to the 2023 Form 5500. One significant change was in the method for determining which employee benefit plans will require an audit for 2023.
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