by Sara Raby | Nov 2, 2022 | tax
The IRS has issued a few notices to adjust for inflation for 2023 in Notice 2022-38. The 2023 Standard Deduction is increased to $27,700 for MFJ (up from $25,900) $20,800 for HOH (up from $19,400) $13,850 for Single filiers and MFS (up from $12,950) The refundable... 
by Jessica Esquivel | Oct 28, 2022 | tax
The Tax Cuts and Jobs Act of 2017 (TCJA) requires capitalization of all research and development (R&D) expenditures incurred in tax years beginning after Dec. 31, 2021. Historical Treatment of R&D Expenditures Since 1954, the U.S. tax code gave... 
by Sara Raby | Sep 1, 2022 | tax
President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022. The budget reconciliation act narrowly passed the senate with a 51-50 with the vice president, Kamala Harris, casting a tiebreaking vote. A majority of the bill deals... 
by Christine Abellera | Aug 16, 2022 | tax
To combat rising inflation, California Governor Newsom signed Assembly Bill 192 Better for Families Tax Refund. A total of $9.5 billion will benefit 23 million Californians, and it will not be taxable on your California income tax return. How do I qualify? To qualify... 
by Christine Abellera | Jul 18, 2022 | tax
In 2021 and 2022, Americans experienced a number of natural disasters, including wildfires in California, New Mexico, and Colorado; the deadly Hurricane Ida impacting Louisiana, New Jersey, and New York; and severe storms throughout Washington and Tennessee. Natural... 
by Alana Syrian | Jul 11, 2022 | tax
In the highly regulated cannabis industry much needed tax relief has been passed in California. Cultivation Tax Eliminated On June 30, 2022 California enacted Assembly Bill 195 (AB 195) which eliminates the weight-based cannabis cultivation tax. Effective July... 