On August 16th, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA contains provisions that increase funding for Internal Revenue Service (IRS) enforcement and modernization, introduce a new corporate minimum tax and stock buyback taxes, and create significant new credits and incentives related to renewable energy development and climate change. It…
The Employee Retention Tax Credit (ERC) is a refundable payroll tax credit created to provide relief to business owners affected by the pandemic and help keep their employees on payroll. Generally, eligible businesses can claim the credit for tax years 2020 and 2021. ERC credit can be claimed retroactively for 2020 and 2021 credits ERC…
Several states have enacted elective pass-through entity taxes as a workaround to the federal cap on individuals’ state and local tax deductions. When a pass-through entity tax is chosen, the tax is applied to the entity rather than the owners directly. Generally, qualifying pass-through entities include entities taxed as S-Corporations and Partnerships; some states also…
As the cryptocurrency market continues to grow the IRS has increased its efforts to increase cryptocurrency tax compliance. If you have bought cryptocurrency or are interested in buying there are a few things you should know regarding cryptocurrency taxation. What is Cryptocurrency? Cryptocurrency is a virtual currency that uses crypto technology to secure payment online.…