The Tax Cuts and Jobs Act (TCJA) limits itemized deductions for state and local tax (SALT) payments for 2018 through 2025. This unfavorable tax law change is especially unpopular in states with high income or property taxes (or both). The limitation remains in effect,...
The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law in December 2022. The new law includes sweeping changes to 401(k) and other qualified retirement plans. Some provisions, such as a new age threshold of 73 years (from 72...
Competition for top-notch workers can be fierce, and your business may currently be understaffed due to a number of factors. A proven way to help attract and retain the cream of the crop is to expand or enhance your company’s fringe benefits package. In fact, a...
In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The...
Whether you are operating a new company that has not yet earned a profit or a mature business that has been squeezed by today’s volatile economy, business losses can happen. While no one likes to lose money, the federal tax code helps soften the blow by allowing...
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense...
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