The Internal Revenue Service (IRS) has issued a warning to taxpayers about a new, sophisticated scam that’s specifically designed to trick individuals into believing they are owed a refund.
Florida’s Governor, Ron DeSantis, took significant action on May 31, 2023, by signing H.B. 5, a comprehensive bill designed to dismantle several tax credit programs that were previously benefiting various aspects of Florida’s business landscape. The bill’s primary focus was on repealing tax credit ...
New Jersey Assembly Bill 5232 enacted on July 3, 2023 contains significant tax changes to Corporation Business Tax (CBT) and Gross Income Tax (GIT). New Jersey Division of Taxation has issued TB-107 to provide guidance on the amendments. Here are some of the major changes:
The American Rescue Plan Act (ARPA) that was enacted in March 2021 brought about substantial changes to Form 1099-K reporting standards. Originally meant to begin for the 2022 tax year, the IRS has extended the new requirement until the 2023 tax year citing confusion and lack of guidance available ...
Many taxpayers, especially those in highly taxed states, have considered moving out of state and seeking lower or zero income tax rates. When done properly, this can present substantial tax savings. The process for establishing residency in a new state can be straightforward for most taxpayers. ...
Reforms to the tax treatment of carried (profits) interest has been a topic for many years. The Administration aims to ensure equal treatment of labor and capital income since the character of the income for carried (profits) interests has been under scrutiny.
The Internal Revenue Service (IRS) recently unveiled proposed regulations aimed at establishing clear procedures and rules for eligible taxpayers to transfer or sell clean energy tax credits under the Inflation Reduction Act of 2022.
Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state’s pass-through entity tax (PTET). Beginning in 2024, the PTET will be optional rather than mandatory. Eligible entities that wish to elect to pay the tax must provide the Connecticut ...
Effective for tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 (IRA) imposes a 15 percent Corporate Alternative Minimum Tax (CAMT) on applicable corporations. The new tax will have significant tax implications on large applicable corporations which requires complex ...
The main question we hear from small business owners is how they can find more ways to reduce their taxable income. A solo 401(k) offers itself as an attractive option when compared to other retirement accounts available. What makes these plans so appealing is their ability to encourage saving for ...
