Significant Changes to Electronic Filing Requirements for 2023 Tax and Information Returns (Major impact for 1099’s)

Significant Changes to Electronic Filing Requirements for 2023 Tax and Information Returns   (Major impact for 1099’s) The Internal Revenue Service issued new regulations significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on…

2022 Year-End Tax Planning for Individuals

2022 Year-End Tax Planning for Individuals   With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family…

2022 Year-End Tax Planning for Businesses

2022 Year-End Tax Planning for Businesses   U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and…

2021 Year-End Tax Planning for Individuals

Individual tax planning highlights Taxpayers should consider whether they can minimize their tax bills by shifting income or deductions between 2021 and 2022. Ideally, income should be received in the year with the lower marginal tax rate, and deductible expenses should be paid in the year with the higher marginal tax rate. If the marginal…

2021 Year-End Tax Planning for Businesses

Year-end tax planning for businesses is especially difficult for 2021 because the Build Back Better Act has the potential to impact broad areas of taxation. Congress continues to negotiate a compromise. Unfortunately, it is difficult to know what is likely to emerge as the final version. In addition, although the effective date for most of…

What is an Economic Impact Notice?

What is an Economic Impact Notice? After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how to report any…

HSA Limits Increase for 2022

HSA Limits Increase for 2022 Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650…