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.

2022-10-11T12:00:50-04:00July 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: |

New Rules for Inherited IRAs

For many years, beneficiaries of inherited IRAs were permitted to withdraw the balances over their life expectancies. Then, the SECURE Act largely eliminated this tax deferral opportunity. Its effective date of December 31, 2019 could be called “The Day the Stretch IRA Died”.

2022-03-28T15:00:17-04:00March 28, 2022|Categories: Tax: Individual|Tags: , , |

4 Solutions That Could Help the IRS Better Serve Taxpayers

It’s been more than 100 years since the first Form 1040 was introduced. Fast forward to 2022 and this tax season is on track to be the worst ever. So, why is the agency so far off its game and what are the potential solutions?

2022-02-23T13:20:41-05:00February 23, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

S-Corporation Shareholders May Need to File Form 7203 with 2021 Taxes

For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.

2022-06-15T16:15:09-04:00February 17, 2022|Categories: Tax: Business, Tax: Individual|Tags: |
Go to Top

As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.

Click to Continue