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On December 29, 2022, the IRS increased the standard mileage deduction rate for vehicles used for business in 2023 to 65.5 cents. This is a 4.5% increase over the rate it announced in June, which was itself a 6.4% increase over the previous rate. While it’s typical for the IRS to announce an annual rate…
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We are pleased to announce three significant promotions at Tonneson + Co. Jessica Clancy, Patrice Goodwin, and Jamie Tong-Chow have all been promoted to Shareholder. Jessica Clancy, Shareholder Jessica Clancy brings 21 years of experience, contributing her expertise in Partnerships, S-corporations, and Individual taxation. She specializes in High Net Worth, Individual, and Family Office Tax…
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Higher federal short-term interest rates have caused the IRS to increase its interest rate for over and under-payments of tax obligations. Learn more about the updated interest rates for Q4 of 2022.
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In September, the IRS sparked debate when it announced that it would be using funding from the Inflation Reduction Act to integrate Artificial Intelligence (AI) into its operations. While the move promises to enhance efficiency, streamline processes, and offer more accurate data handling, the move has been met with a mix of support and skepticism…
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With inflation at its highest rates in decades, the markets in turmoil, and a recession looming, we’re overdue for some good news. Finally, we have some: starting in 2023, you may pay less in taxes. That’s because on October 18, the IRS announced annual inflation adjustments for more than 60 tax provisions, including income tax…
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Non-compete agreements, once a standard feature in many employment contracts, are now facing heightened scrutiny. Designed to safeguard businesses, they also have implications for workers, consumers, and the market overall. At both state and federal levels, there is a growing movement to ban—or at least limit—them. What is a non-compete agreement? A non-compete agreement is…
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As we navigate through the complexities of tax season, businesses need to stay informed about recent developments in tax policies and enforcement. The Internal Revenue Service (IRS) has recently announced significant strides in combating fraudulent claims related to pandemic-era tax refunds, mainly focusing on the Employee Retention Credit (ERC) program. Understanding the Issue The ERC…
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We are pleased to announce that tonneson + co has been named as one of the 2018 Accounting Today’s Best Accounting Firms to Work for. Accounting Today partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. This survey and awards program is designed to identify, recognize and…
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Last November, Jeff Bezos made headlines when he moved from Washington State to Florida. He said he was moving to be closer to family and his new business, Blue Origin, but journalists were quick to point out that there might have been another reason: Washington has a 7% capital gains tax, and Bezos had announced…
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On November 24, The Internal Revenue Service (IRS) announced a set of proposed regulatory amendments intended to refine and modernize the tax code’s approach to transactions between partnerships and related entities. This proposal aims to align regulations, some of which date back to the 1950s, with legislative intent and ensure consistency with the statutory provisions.…
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