IRS Releases 2023 Tax Inflation Adjustments
IRS releases inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
IRS Provides Tax Relief and Tax Filing Postponement for Taxpayers in North Carolina and South Carolina due to Hurricane Ian
IRS announces new Hurricane Ian tax relief and a new February 15, 2023 tax deadline for all individuals and businesses in both North Carolina and South Carolina.
Inflation Reduction Act and Its Impact on ACA Healthcare Premium Tax Credits
Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.
Amid Rising Interest Rates, the Ability to Deduct Interest Expenses Is Lower In 2022
Amid rising interest rates, the Section 163(j) business interest expense deduction has a more limited impact for real estate companies and other capital-intensive businesses starting in 2022. There are other financing strategies to mitigate the impact of the lower deduction.
IRS Issues Guidance on Transition Rules for EV Credits
IRS guidance helps taxpayers navigate the transition from existing rules for claiming EV credits to new rules enacted by the IRA including ways to verify an EV vehicle will qualify going forward.
The Inflation Reduction Act Makes Few Alterations to the Tax Strategies of PBMares’ Clients
Today, The Inflation Reduction Act of 2022 was enacted. Through its sweeping law changes on health care, climate, and taxes, the Act presents a few new opportunities for beneficial tax strategies. In general, the Act results in few tax increases to PBMares clients.
Inflation Reduction Act Passes Senate; House Vote Expected This Week
The Inflation Reduction Act contains incentives for investment in the energy sector, a corporate alternative minimum tax, an excise tax on stock buybacks, IRS funding and an extension of business loss limitations.
Tax increases resurface with Manchin’s support of new reconciliation framework
Tax proposals in a revived reconciliation measure include a 15% corporate minimum tax, a boost to IRS enforcement and carried interest modifications.
Virginia School Tax Credit Program Offers 65 Percent Tax Credit to Individual and Business Donors
Virginia’s tax credit education scholarship program saw its funding fully restored in the new state budget. The EISTC program allows eligible donors to claim a 65% tax credit against five state taxes.
South Carolina Tax Rate Cuts and Rebate in New SC Budget
South Carolina’s new $13.8 billion budget for the 2022-23 fiscal year includes a significant rate reduction and tax rebate checks for residents.