2023 IRS Inflation Adjustments for Individual Taxpayers

2023 IRS Inflation Adjustments for Individual Taxpayers

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...
Inflation Reduction Act of 2022 and Individual Taxpayers

Inflation Reduction Act of 2022 and Individual Taxpayers

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...
Emergency Preparedness for Natural Disasters

Emergency Preparedness for Natural Disasters

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...
Cannabis Tax Relief for California Operators

Cannabis Tax Relief for California Operators

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...