This week, proposed increases to corporate taxes and wealth taxes were announced by the White House. On Monday, the White House released the proposed budget of the U.S. Government for Fiscal Year 2023. While the proposed tax increases are targeted at billionaires and corporations, at this moment, keep in mind the budget items need to […]
Last week, the IRS released a reminder that all taxpayers, not just taxpayers who engaged in a transaction involving virtual currency, must answer the virtual currency question at the top of Form 1040, Form 1040-Sr and Form 1040-NR with a yes or no response. The question reads as follows: “At any time during 2021, did […]
On Thursday, March 10, 2022, Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig visited the Philadelphia IRS campus to deliver their plan to eliminate the IRS backlog in 2022. As we reported on January 12, 2022, the IRS had a backlog that included: Highlights of the plan In order to […]
We want to remind everyone that the IRS will have face-to-face help available tomorrow, Saturday, March 12, 2022, at specific locations throughout the country. As we reported last month, the IRS is working to improve the client experience, which includes in-person meetings with no appointment required on the second Saturday of the month. The following […]
Last month, the IRS proposed new rules related to Required Minimum Distributions (RMDs) from qualified plans, section 403(b) annuity contracts, custodial accounts, and retirement income accounts, as well as individual retirement accounts and annuities and eligible deferred compensation plans under section 457. The purpose of the proposed regulations is to update the regulations to reflect […]
Last night, the President gave his first State of the Union address. Items that piqued our interest included proposed tax rates for corporations, oil, jobs, minimum wage, manufacturing and of course, the economy. Minimum Tax Rate for Corporations in the US and Worldwide The President stated that he proposed a 15% minimum tax rate for […]
Stephen Slade, CPA, to speak at Bucks County Estate Planning Council meeting.
Tax planning is a year-round process and should be used as a proactive, strategic tool in your business and personal arsenal. With just 61 days remaining in the current tax season, (based on the current deadline of April 18, 2022), if you did not have a tax plan in place for yourself or your business […]
As we reported last month, the IRS is having a tough time handling the backlog of millions of unprocessed returns and correspondence with a reduced staff. Awareness of the backlog and delays has led the agency to work on improving the client experience during the current tax season. According to a recent press release, “the […]
Welcome 2022! Our first issue of Word to the Wise contains articles to help you plan your year as well as helpful tips for tax season. Our titles include: As always, if you have questions regarding any of our publications, please reach out to us at any time. To read this issue, please click on […]
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