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.
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.
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’s new $13.8 billion budget for the 2022-23 fiscal year includes a significant rate reduction and tax rebate checks for residents.
Our Charitable Planning and Tax Strategies webinar shows insights on how smart donors can maximize their impact while minimizing their tax burden.
Individuals, businesses, and other entities can claim valuable tax credits through Virginia’s Neighborhood Assistance Program (NAP) to lower their state tax liability and make an impact on their local community. For organizations, the application window closes on July 1.
For many years, beneficiaries of inherited IRAs were permitted to withdraw the balances over their life expectancies. Then, the SECURE Act largely eliminated this tax deferral opportunity. Its effective date of December 31, 2019 could be called “The Day the Stretch IRA Died”.
It’s been more than 100 years since the first Form 1040 was introduced. Fast forward to 2022 and this tax season is on track to be the worst ever. So, why is the agency so far off its game and what are the potential solutions?
For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.
Buckle up. Filing your 2021 taxes might be a bumpy ride. That’s why we’ve compiled information and tips to help you navigate the journey and maintain your sanity through it all this year.
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