by Joyce Kandt | Nov 14, 2023 | tax
There have been many uncertainties and questions regarding the treatment of Internal Revenue Code (IRC) 41, Credit for Increasing Research Activities, as changes to IRC 174, Amortization of Research and Experimental Expenditures, came into play in tax year 2022. ... 
by Naz Nasseri | Nov 14, 2023 | tax
The IRS has announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024. This includes updates to tax rate schedules and other tax changes, as detailed in Revenue Procedure 2023-34: The 2024 Standard Deduction is increased shown in... 
by Sara Raby | Nov 14, 2023 | tax
Now is the time to implement year-end tax planning strategies to mitigate tax liabilities for 2023. Below are our top tax planning strategies to consider: 1. Charitable Contributions Consider lumping 2 years of planned charitable contributions into one year to take... 
by Joyce Kandt | Nov 14, 2023 | tax
On September 14, 2023 the IRS announced a pause in accepting any new Employee Retention Credit (ERC) claims through the end of 2023 due to the large number of highly questionable ERC claims filed. There were a number of aggressive service providers who mislead... 
by Sara Raby | Nov 13, 2023 | tax
With increasing medical costs for both insurance premiums and copays, individuals look for alleviation through income tax deductions. Health Savings Accounts (HSAs) are considered one of the most tax advantaged strategies in the current tax code. If you qualify to... 
by Jessica Esquivel | Nov 13, 2023 | tax
The Tax Cuts and Jobs Act of 2017 (TCJA) requires capitalization of all specified research and experimental expenditures (SR&E) incurred in tax years beginning after December 31, 2021. On September 8, 2023, the IRS released Notice 2023-63 notifying taxpayers of... 