A provision of the Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2022, requiring taxpayers to change the way they treat research and experimental (R&E) expenses. Taxpayers may no longer elect to currently deduct R&E expenses, but now must capitalize and amortize these expenditures … [Read more...] about Research and Experimental Expenses: Major Changes in 2022
Tax
Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
It would be safe to say that no one wants to deal with the Internal Revenue Service regarding an unresolved tax issue. It can be quite daunting and, in some instances, lead to no results despite your best efforts. When such a situation exists, there may be another option available to resolve your … [Read more...] about Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
Inflation Reduction Act of 2022: Key Tax Provisions
By a narrow margin in August 2022, Congress passed, and the President signed into law, the Inflation Reduction Act of 2022. The bill has been the subject of much debate and many experts claim that in the long run, the bill may actually worsen inflation by constraining the productive capacity of the … [Read more...] about Inflation Reduction Act of 2022: Key Tax Provisions
It’s Not Too Early to Begin Year-End Tax Planning
School is back in session, which means the return to busy schedules and endless activities. It's also the perfect time to take a look at some of your important tax and financial matters that you’ve been thinking about since our last tax time, before we arrive at the end of the calendar year. If … [Read more...] about It’s Not Too Early to Begin Year-End Tax Planning
Retention of Financial Records
Supporting financial documents contain vital information needed for proper recording to your accounting system. It is extremely important to keep these documents to substantiate your accounting entries and tax return filings in the event of an audit. Below are the main types of records you should … [Read more...] about Retention of Financial Records
Vacation Home Rental Considerations
Summer is in full swing, finally! For many families this means ice cream, swimming, travel and enjoying the great outdoors. For many families it also means visits to a summer home and for some, renting out the summer home to visitors. Renting out a vacation home can often times help offset some of … [Read more...] about Vacation Home Rental Considerations