Earlier this month, we wrote about the tax provisions included in the draft version of the Inflation Reduction Act as it was going through the negotiations process and making its way through Congress. On August 16th, President Biden signed into law the Inflation Reduction Act of 2022. The final Legislation includes the following tax provision […]
One of the most overlooked and unique benefits of the Roth IRA is that, unlike traditional IRA contributions, your contributions can be withdrawn at any time, for any reason, penalty-free and tax-free. Many people in their twenties are not thinking about retirement. They are starting careers, getting married, paying bills and struggling to balance a […]
On July 27, 2022, Senator Joe Manchin and Senate Majority Leader Chuck Schumer announced that they have reached an agreement on a budget reconciliation bill (the Inflation Reduction Act of 2022, the “Act”) which they will co-sponsor and propose to Congress for passage. According to the bill’s summary, there are no new taxes on families […]
Account takeover incidents, which entails the use of personally identifiable information such as usernames, passwords and the answers to secret questions to illegally gain access to digital assets, are prevalent worldwide. Methods to secure usernames and passwords for digital assets range from relying on memory, keeping a written log, saving information on an electronic device, […]
As year-end approaches, it is a great time to think about planning moves that may help lower your tax bill for this year. There is a strong possibility that we will see significant changes to our tax laws effective 2021 and/or 2022. The Biden Administration proposed a variety of tax changes which are still in […]
Many families have and will continue to receive advance Child Tax Credit (CTC) payments due to recent changes in the program. The Internal Revenue Service (IRS) automatically enrolled families it considered qualified for the CTC into the advance payment program. The installments are distributed via direct deposit or mailed as a paper check. The payments […]
On September 13, 2021, the House Ways and Means Committee released proposed tax legislative text as part of a broader $3.5 trillion budget proposal. This is the most detailed picture yet of the tax changes the administration is proposing and includes the following: Corporations Increase the top rate to 26.5 percent from 21 percent for […]
Updated January 3, 2022: The IRS has provided tax relief to Hurricane Ida victims in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until February 15, 2022, extended from January 3, 2022, to file various individual and business tax returns and to make tax payments. The updated […]
The Treasury Department and the Internal Revenue Service recently issued further guidance on the employee retention credit. Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 (ARP) to the employee retention credit that are applicable to the third and fourth quarters of 2021. It also includes guidance on several miscellaneous issues […]
The U.S. Treasury Department recently issued its green book which has shed light on many of the income tax proposals that will help fund the Biden administration’s infrastructure plan. The green book details tax proposals of the “Made in America Tax Plan” targeting corporate tax law changes, as well as the “American Families Plan” targeting […]
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