Energy Credits and the Inflation Reduction Act #2
The Inflation Reduction Act was signed into law on August 16, 2022. It includes several expanded or extended tax credits, and it also includes additional funding for the IRS. Many provisions within this Act relate to tax incentives available to taxpayers and their families. Tax credits you may have benefited from in the past were, […]
It’s the Most Wonderful Time of the Year…Year End is Almost Here! #2
The end of the year is quickly approaching. Although it is a busy time of year, there are some important steps you can take to make sure your small business is in good shape for the new year. Financial Reports. This is a great time to run standard reports to see where your business is […]
Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
Several COVID-19 related tax provisions are set to expire for the 2022 tax year: Enhanced Child Tax Credit (reverts back to $2,000 per eligible child under age 18) Enhancements to the Dependent and Child Care Credit Expansions to the Earned Income Tax Credit Charitable deduction for non-itemizers Key Rates and Figures – 2022 Standard Deduction […]
Hurricane Relief From the IRS for Businesses & Individuals
Hurricanes Fiona and Ian covered several states and/or territories. They have since been declared disasters by the Federal Emergency Management Agency (FEMA). The IRS has provided relief for the taxpayers in the areas designated by FEMA. The areas that will see relief are Puerto Rico, Florida, North Carolina, and South Carolina. Individuals that have residences […]
New – Fall 2022 Small Business Newsletter #2
Our latest issue of our Small Business Newsletter is full of timely and important information, including our popular Tools, Tips and Tidbits column and our Annual Payroll and Form 1099 Update to get you ready for 2023. Read/download a copy of the newsletter here.
Federal Unemployment Tax Increasing in New York State and Others #2
On November 10, 2022, the United States Department of Labor announced that California, Connecticut, Illinois and New York will be credit reduction states for purposes of 2022 FUTA payments. A state is a credit reduction state if it has taken loans from the federal government to meet its state unemployment benefits liabilities and has not […]
Applications Now Being Accepted for NY COVID-19 Capital Costs Tax Credit Program #2
NY Gov. Kathy Hochul announced this week that applications are now being accepted from small businesses that have successfully completed the prescreening process to become certified for the COVID-19 Capital Costs Tax Credit Program, where small businesses are eligible for a tax credit of 50% of qualified expenses, up to a maximum of $50,000 of […]
IRS Warns Employers About Third Parties Promoting Improper ERTC Claims #2
There have been many recent news stories on how the IRS is cracking down on businesses claiming Employee Retention Tax Credits (ERTCs) based on improper positions related to eligibility requirements and credit calculations. On October 21st, the IRS issued a press release warning employers to be wary of third parties (i.e., credit mills and boutique […]
New SALT Webinar: Update on Evolving State & Local Tax Nexus Issues
If you missed this live Lunch & Learn Webinar, you can listen to the recorded webinar presented by Tronconi Segarra & Associates State & Local Tax (SALT) professional Tom Mazurek, CPA, who discusses what businesses need to understand about evolving nexus issues. Nexus is the existence of a sufficient connection between a state and a […]
Federal Reserve Funds Rate Increase #2
On September 21, 2022, the Federal Reserve Open Market Committee raised the target for the Federal Funds Rate to between 3% and 3.25%. The Federal Reserve stated that, “inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. The Committee is highly attentive to […]