Inflation Reduction Act and Its Impact on ACA Healthcare Premium Tax Credits

Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.

2022-09-22T15:22:09-04:00September 23, 2022|Categories: Tax: Individual|Tags: , , |

Amid Rising Interest Rates, the Ability to Deduct Interest Expenses Is Lower In 2022

Amid rising interest rates, the Section 163(j) business interest expense deduction has a more limited impact for real estate companies and other capital-intensive businesses starting in 2022. There are other financing strategies to mitigate the impact of the lower deduction.

2022-09-22T14:33:52-04:00September 22, 2022|Categories: Construction and Real Estate, Tax: Business, Tax: Individual|Tags: , , , |

IRS Issues Guidance on Transition Rules for EV Credits

IRS guidance helps taxpayers navigate the transition from existing rules for claiming EV credits to new rules enacted by the IRA including ways to verify an EV vehicle will qualify going forward.

2022-08-18T12:55:35-04:00August 17, 2022|Categories: Tax: Business, Tax: Individual|Tags: , |

The Inflation Reduction Act Makes Few Alterations to the Tax Strategies of PBMares’ Clients

Today, The Inflation Reduction Act of 2022 was enacted. Through its sweeping law changes on health care, climate, and taxes, the Act presents a few new opportunities for beneficial tax strategies. In general, the Act results in few tax increases to PBMares clients.

2022-08-19T12:56:01-04:00August 16, 2022|Categories: Tax: Business, Tax: Individual|Tags: , |

Inflation Reduction Act Passes Senate; House Vote Expected This Week

The Inflation Reduction Act contains incentives for investment in the energy sector, a corporate alternative minimum tax, an excise tax on stock buybacks, IRS funding and an extension of business loss limitations.

2022-08-10T10:58:04-04:00August 8, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

Tax Increases Resurface with Manchin’s Support of New Reconciliation Framework

Tax proposals in a revived reconciliation measure include a 15% corporate minimum tax, a boost to IRS enforcement and carried interest modifications.

2022-07-29T09:43:06-04:00July 27, 2022|Categories: Tax: Business, Tax: Individual|Tags: , , |

Virginia School Tax Credit Program Offers 65 Percent Tax Credit to Individual and Business Donors

Virginia’s tax credit education scholarship program saw its funding fully restored in the new state budget. The EISTC program allows eligible donors to claim a 65% tax credit against five state taxes.

2022-07-28T12:08:57-04:00July 25, 2022|Categories: Not-for-Profit, Tax: Business, Tax: Individual|Tags: |

Webinar Recording | Charitable Planning and Tax Strategies for 2022

Our Charitable Planning and Tax Strategies webinar shows insights on how smart donors can maximize their impact while minimizing their tax burden.

2022-07-15T09:18:27-04:00June 22, 2022|Categories: Tax: Individual, Wealth Management|Tags: , |

Neighborhood Assistance Program FAQs

Individuals, businesses, and other entities can claim valuable tax credits through Virginia’s Neighborhood Assistance Program (NAP) to lower their state tax liability and make an impact on their local community. For organizations, the application window closes on July 1.

2022-08-04T13:23:07-04:00June 1, 2022|Categories: Not-for-Profit, Tax: Business, Tax: Credits & Incentives, Tax: Individual|Tags: |
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