Congress enacted the CTA in 2021 to provide information about certain entities, their owners, management, and individuals to fight money laundering, tax fraud, and other illegal activities. The CTA requires reporting companies to provide specific information about the entity, beneficial owners, and company applicants to the US Department of the Treasury’s Financial Crimes Enforcement Network…
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you in 2023, we’re pleased to present our annual tax planning guide. This year’s…
Since 2018, with the enactment of the Tax Cuts and Jobs Act, the individual income tax Schedule A itemized deduction for state and local tax (SALT) has been limited to $10,000 ($5,000 for MFS). The $10,000 limit includes state and local income taxes, as well as property taxes. As a workaround to this limitation, on…
The following article is included in our 2021-22 Tax Planning Guide. Download the full PDF file now. The tax strategies that can save you the most will depend on your particular situation. For example, if you’re a parent, a tax-advantaged education savings plan may be a smart move. Or, if you’re married, a credit shelter…
This guide includes year-round strategies to make the tax laws work for you. Learn about important tax law changes and ways to minimize your income tax liability. Table of Contents: Income & Deductions Executive Compensation Investing Real Estate Business Ownership Charitable Giving Family & Education Retirement Estate Planning Tax Rates
The House of Representatives passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of negotiations for the past several weeks. The vote on the bill was held after the Congressional Budget Office (CBO) released its…
President Biden signed the Infrastructure Investment & Jobs Act on November 15, 2021. Key tax provisions include the retroactive termination of the employee retention credit and information regarding reporting cryptocurrency. These and many more provisions are covered below. INDIVIDUAL PROVISIONS Automatic Extension of Certain Deadlines for Taxpayers Affected by Disasters A mandatory (automatic) 60-day deadline…
For construction companies struggling to find skilled labor, a generous benefits package that includes a robust retirement plan can be a powerful recruiting tool. But providing cost-effective, high-quality retirement benefits for employees can be a challenge — especially for small businesses. One new option to consider is a pooled employer plan (PEP). This variation on…
Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to keep it in mind as the year rolls along. Here…
President Biden signed the COVID-19 relief bill, American Rescue Plan Act of 2021, into law. The legislation will have major impacts on individuals and businesses. Below is a summary of the ARPA provisions summarized in the following sections: Individual Provisions and Business Provisions. Individual Provisions Unemployment Received in 2020 Partially Excluded from Income for Some Taxpayers…