Individual Tax
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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On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. This sweeping legislation includes provisions aimed at combatting climate change, reducing healthcare costs, and raising tax revenue, among other initiatives. Its goals include reducing the deficit by around $300 billion, lowering carbon emissions by about 40% by 2030, and,…
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Our 2021 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2021 and 2022 payroll tax requirements,…
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The Internal Revenue Service is now allowing any taxpayer who wishes to add a level of protection to their tax return filing to apply for a unique six digit IRS Identity Protection PIN. We have included below the instructions to get your unique PIN by either applying online, filing form 15277 if eligible, or going…
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On May 15, 2020 the House voted to approve a $3 trillion, 1800-page second stimulus package named the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). This Bill would include allowing a deduction for the qualifying expenses paid with PPP loan proceeds, a second round of stimulus payments to individual Americans, and would extend…
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Yesterday, the IRS working with the Treasury Department launched Get My Payment, an online application with features to let taxpayers check on their Economic Impact Payment date and update their direct deposit information. Please note that after launching Get My Payment yesterday, the IRS sent out an update later in the day that it is…
Read MoreAmy Phelan was quoted in a Financial Advisor Magazine article that discusses strategies for charitable giving after the Tax Cuts and Jobs Act. The article states that taxpayers turning 70½ are required to take a distribution from their IRA, but they can instead give that distribution directly to a charity, which counts as a tax-free…
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Join our tax experts for a discussion of what the Tax Cuts and Jobs Act means to you. This sweeping reform, signed into law by President Trump on December 22, 2017, is generally effective beginning in 2018 and impacts nearly every taxpayer. Webinar: Tax Cuts and Jobs Act – What You Should Know Date: Thursday,…
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The Tax Cuts and Jobs Act has now been approved by Congress and is on its way to the White House to be signed by President Trump by this weekend. The Act, as currently approved, includes numerous provisions, generally effective January 1, 2018, that will impact both individuals and businesses. We will keep you updated…
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On December 7th, the Joint Committee on Taxation released its comparison of the House and Senate versions of tax reform. This report provides a helpful summary of the status of all provisions in the House and Senate versions of the Tax Cuts and Jobs Act. Some of the provisions common to both versions include: •…
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