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Firm News
SECURE 2.0 Tax Law Changes for Individuals
A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees In the waning hours of the 117th Congress, a large government funding bill was passed that includes many provisions that will help Americans save more for retirement. The Setting Every Community Up for...
Social Security Tax Increase!
Social Security Wage Base and Earnings Test Amounts Increase in 2023 The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Social...
New Small Business Tax Credits for Environmental Actions
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. These are some of the changes. Extension,...
The Tax Lawyers and Accountants Full Employment Act
A fellow attorney sent me the NY Times article about the recent Tax Law passed by Congress, pretending to be an inflation reduction bill and asked for my opinion: There are several truths that seem to be obfuscated in all of the political rhetoric: 1. The professional...
IRS increases Mileage Rate to 62.5 cents per mile
IRS Boosts Standard Mileage Rates to 62/5 cents starting July 1, 2022. The IRS announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of...
Identity Theft from Tax Returns
Protect Against Tax-Related Identity Theft Tax Tip 2022-84 (06/01/2022) An Identity Protection Personal Identification Number (IP PIN) gives a taxpayer an added layer of protection against tax-related identity theft. Having a six-digit IP PIN means no one can file a...
IRS Backup Withholding for Wrong SS#
IRS Issues Backup Withholding Error Notices This is on the IRS Website Tax Tip 2022-67 The IRS has issued backup withholding error notices to payors required to withhold tax from payments to certain payees. Notices CP2100 and 2100A were mailed to payors that...
Saving Taxes on the Sale of Your Home
IRS Backlog Mess
Great Article about IRS Backlog! I am posting this great article from Thomson-Reuters. Tax Lawyers and CPA's have been pushing to get the IRS to OPEN THE MAIL, process returns and correspondence. It is not uncommon for the IRS to take up to a year to respond to...
