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: , , |

Changes to ERC Deductions for North Carolina Employers and Expansion of NC Business Recovery Grant Program for Phase Two Applications

North Carolina’s legislature recently changed state tax laws governing employers’ ability to deduct the employee retention credit from state taxable wages and significantly expanded eligibility for a business grant program with an application deadline of June 1, 2022.

High Inflation with Inventory? Consider a LIFO Election for the 2022 or even the 2021 Tax Year if You Received an Extension

When inflation is high, certain companies could use it as an opportunity to save on taxes. Electing LIFO for the 2021 tax year might be a smart move, but time is running out. It’s also not too early to begin evaluating LIFO calculations for 2022.

2022-03-20T10:29:35-04:00March 16, 2022|Categories: Accounting, Tax: Business|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: |

Watch for New Letters from the IRS — and Keep Them!

The IRS is sending taxpayers new letters about the 2021 Economic Impact Payments and Advanced Child Tax Credit payments. The letters contain information necessary for calculating your tax refund correctly.

2022-02-08T12:33:50-05:00January 5, 2022|Categories: Tax: Individual|Tags: , |

Updated IRS Guidance on Meals and Entertainment Expense Deduction

In 2021 and 2022, a temporary change to the tax code allows companies to deduct 100 percent of most business meal and entertainment expenses. Guidance on per diem deductibility has also been clarified.

2022-01-10T09:28:30-05:00December 20, 2021|Categories: Tax: Business|Tags: , |

North Carolina Budget Allows PPP Deductions, Reduces Tax Rates, Establishes SALT Workaround

The long-awaited 2021-2023 biennial North Carolina budget was passed by the General Assembly and signed by Governor Roy Cooper on November 18, 2021. Media outlets have focused on high-profile provisions, such as raises for teachers and other state employees. Other provisions - including historic tax cuts - immediately impact all North Carolina taxpayers.

2021-11-19T15:56:28-05:00November 19, 2021|Categories: Tax: Business, Tax: Individual|Tags: , , |

Infrastructure Bill Passes, Build Back Better Act Vote on the Horizon

On November 5, 2021, Congress passed a $550 billion Infrastructure Investment and Jobs Act. This bill is separate from the Build Back Better Act, which includes the highly discussed and more significant tax proposal changes. Read on for a summary of tax changes passed by the infrastructure bill and proposed changes from the Build Back Better Act.

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