The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions [...]
In general, real property and improvements to real property are depreciated over either 27.5 years (residential property) or 39 years (commercial property). In the past, major improvements such as HVAC replacements and roofs were caught by this [...]
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone [...]
If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know: Background Prior to 2014, there was no IRS guidance and [...]
A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a "rental real estate enterprise." What this means is that certain interests in rental real estate - including interests [...]
Thanks to the passage of the Tax Cuts and Jobs Act last year, there's a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the [...]
Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone's mind is the effect a divorce or separation will have on their tax situation. To make matters [...]
Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show [...]
Proposed regulations were issued by the IRS on June 18, 2019, regarding the new 1.4 percent excise tax on the net investment income of certain private colleges and universities. While the new excise tax is estimated to [...]
Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 [...]
