Iannuzzi Manetta and CICPAC (the association of CPAs who know Construction), in collaboration with economist Dr. Chris Kuehl and Armada CI, have finalized the latest economic report that targets the construction sector. The report offers a comprehensive analysis of various factors that affect the construction industry on a macro level, including regional construction spending, raw materials, supply chain, banking and financing matters,…

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…

The continued impacts of the Inflation Reduction Act of 2022, the Tax Cut and Jobs Act (TCJA) and CARES Act of 2021, continues to drive an active tax policy environment. This constant change requires continued analysis and proactive planning for CPAs and their contractor clients.Iannuzzi Manetta is a proud member of CICPAC, the CPAs who…

The IRS has announced an immediate moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of the year. This decision comes amid rising concerns about a flood of improper claims, putting honest small business owners at financial risk from scams. IRS Commissioner Danny Werfel ordered the immediate moratorium to run…

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…

Compensation may take several forms, including salary, fringe benefits and bonuses. If you’re an executive or other key employee, you might receive stock-based compensation, such as restricted stock, restricted stock units (RSUs) or stock options (either incentive or nonqualified). Nonqualified deferred compensation (NQDC) may also be included in your exec comp package. The tax consequences…

Because the TCJA has put estate, gift and generation skipping transfer (GST) tax exemptions at record-high levels, far fewer taxpayers are worrying about these taxes. But the high exemptions are only temporary, and proposed tax law changes could also increase taxes when assets are transferred. So whether or not you’d be subject to estate taxes…

Robert has an estate of $12 million. In 2021, he has already made $15,000 annual exclusion gifts to each of his chosen beneficiaries. With future inflation adjustments, the exemption might be enough to protect his entire estate. But he’s in good health and believes he’ll live beyond 2025. He also thinks that the exemption might…

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