On August 16, 2022 President Biden signed into law the Inflation Reduction Act of 2022 (IRA). The Inflation Reduction Act includes the following major changes, effective beginning after December 31, 2022, unless otherwise noted: Individual Income Taxes Extension of Limitation on Excess Business Losses of Noncorporate Taxpayers: Extends limitation on … Read More

Many people have asked about the latest public announcements regarding paying your taxes and the time for filing.  The below is a more thorough explanation of those announcements and a bit of clarification. The IRS has issued official guidance clarifying that the 90-day extension for payment of taxes does not … Read More

The lease accounting standards define how companies must account for their leases – a specific type of contract that allows one party to use an asset of another party in exchange for consideration.  Leases may be for equipment or real estate and are classified as either operating or capital leases. … Read More

The Tax Cuts and Jobs Act of 2017 introduced Section 199A, the Qualified Business Income deduction. A new deduction available on the profits of sole proprietorships, partnerships, S Corporations and some trusts and estates. This tax benefit is aimed at reducing the tax burden of US based business owners that … Read More