Qualifying commercial and rental property owners who are interested in renewable energy projects—take note! You may qualify for significant tax credits or deductions through the new Inflation Reduction Act. Although the rules and details are quite complex, the benefits may be very worthwhile. Be sure to call our office for all of the qualifying information and details, but in the meantime, check out the opportunities below to see if any could be a fit for you.
Individual Taxpayers: Tax Changes for 2023
Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.
Businesses: Important Tax Changes in 2023
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead.
Highlights of the Secure 2.0 Act of 2022
The $1.66 trillion Consolidated Appropriations Act, 2023 was signed into law on December 29, 2022 by President Biden. Included in the 4,155 page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to …
Key Tax Provisions of the Inflation Reduction Act of 2022
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look:
NYS Tax: Election Period for Pass-Through Entity Tax (PTET) is Open
New York State Department of Taxation and Finance sent this bulletin on 01/11/2022 09:01 AM EST If you wish to participate in the optional PTET for 2022, the deadline to opt in is March 15, 2022. To opt in:Log in …
Highlights of the Infrastructure Investment and Jobs Act
While the recently passed Infrastructure Investment and Jobs Act primarily addresses infrastructure-related issues, it includes several tax provisions affecting individuals and small business taxpayers. Let’s take a look:
Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency
ALERT: THE BIDEN INFRASTRUCTURE BILL INCLUDES PROVISIONS THAT INCREASE THE REPORTING REQUIREMENTS FOR CRYPTOCURRENCY TRANSACTIONS. CONTACT US FOR MORE INFORMATION
When it comes to tax losses on bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses.
New York Pass-Through Entity Tax
The State of New York recently passed a new pass-through entity tax as a work-around for the State and Local Tax Deduction cap of $10,000.
Highlights of the American Rescue Plan Act Information
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: