Secure Act 2.0 of 2022

On December 23rd, Congress has passed one final spending bill. H.R. 2617, an Omnibus spending bill with bipartisan support in both chambers, will allow the government to continue to run through fiscal 2023 and included in this spending bill is the Secure 2.0 Act of 2022. President Biden signed the bill on December 29th, making … Continued

2022 and 2023 Tax Thresholds

The 2022 U.S. income tax filing season is fast approaching and as result, individuals should now be looking at which tax planning opportunities are available to them to reduce their upcoming tax burden. With that in mind, we are supplying a listing of the income tax thresholds and tax brackets for the upcoming 2022 filing … Continued

The Consolidated Appropriations Act of 2021

The Consolidated Appropriations Act of 2021 (“CAA”) both enhanced and expanded the ability for taxpayers to receive the Employee Retention Credit (ERC) in 2021. As a result of the changes, we are providing this message to summarize what the credit is, whether you may be a qualified business for purposes of taking the credit, and … Continued

COVID-19 Relief Arrives: Provides stimulus, resolves expense deductibility on PPP & extends expiring tax benefits

The Consolidated Appropriations Act of 2021 (generally referred to as the “COVID-19 Relief Bill” or the “Act”) became law on December 27, 2020 upon President Trump’s signature. Amongst the over 5,500 page spending bill was some long-awaited but anticipated COVID-19 related stimulus relief and an extension of various key income tax provisions for the 2021 … Continued

Business Expenses: Accountable vs. nonaccountable reimbursement

Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees. The type of reimbursement plan administered by the employer is important for employees because it can have a significant impact on the employees’ tax liability. A business may … Continued

Affordable Care Act increases many employers’ regulatory burden

The shared responsibility requirements for employers under the Affordable Care Act, otherwise known as the employer mandate, are laden with paperwork and fines. The employer mandate starts, though, with the requirement to provide employees with affordable health coverage. Many employers are now required to file information returns with the IRS and provide statements to their … Continued

Work abroad? IRS offers double taxation relief

The United States is one of the few countries in the world that uses a worldwide tax system, making U. S. citizens and green card holders subject to tax on all of their income, regardless of source. Most nations use a territorial regime, taxing only income derived within that country. A worldwide system subjects taxpayers … Continued

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