Author: Rob Cordasco

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican […]

Read More… from President Biden’s proposed budget includes notable tax provisions

On March 14, 2023, Georgia passed HB 162 which will provide a special state income tax rebate. The rebate will be paid to Georgia qualified taxpayers who filed timely income tax returns for 2021 and 2022. The rebate will be up to $250 for single taxpayers,  $375 for head of household and $500 for married couples. […]

Read More… from Georgia to Provide Rebates

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax […]

Read More… from There still may be time to make an IRA contribution for last year

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing […]

Read More… from 2023 Q2 tax calendar: Key deadlines for businesses and employers

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 […]

Read More… from Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental […]

Read More… from Changes in Sec. 174 make it a good time to review the R&E strategy of your business

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules Business cars are […]

Read More… from Buying a new business vehicle? A heavy SUV is a tax-smart choice

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax […]

Read More… from The 2022 gift tax return deadline is coming up soon

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts […]

Read More… from U.S. Supreme Court rules against the IRS on critical FBAR issue

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules Business cars are […]

Read More… from Buying a new business vehicle? A heavy SUV is a tax-smart choice