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Planning to deduct for losses this tax season? Be sure to read the fine print
Claiming an Exemption from Self-Employment Tax as a Limited Partner? Think Twice
Limited partners claiming an exemption from Self-Employment Contributions Act (SECA) taxes may be putting themselves at risk – in certain circumstances. In fact, more recently, it has become even riskier. Why? Because the rules are unclear, and the IRS has prioritized this issue in examinations and successfully challenged exemption claims in court. Unfortunately, neither the
Read MoreRetirement Contribution Limits Increased for 2023
Individual contribution limits for 401(k) plans recently increased to $22,500 in 2023, up from $20,500 in 2022, according to a recent announcement from the IRS. This is one of the cost-of-living increases that taxpayers should consider while planning for 2023. Income ranges to determine eligibility for deductible contributions to IRAs and the Saver’s Credit also
Read More2022 Year-End Tax Planning for Businesses
U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled consumer spending.
Read More2022 Year-End Tax Planning for Individuals
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2022 and 2023
Read MoreIRS Announced Tax Relief for Victims of Hurricane Ian
The IRS has announced that Florida individuals and businesses affected by Hurricane Ian have been granted tax relief. While we have access to tax relief if needed, the team at Cavanaugh & Co is working diligently to file by the original deadline of October 17, 2022. For affected taxpayers needing relief, here is some information
Read MoreIs Your Company Effectively Managing Tax Risk?
The concept of “tax risk” is an increasingly important and regular topic of discussion across organizations and in boardrooms, and for good reason. Businesses that operate across state lines or internationally can in certain cases trigger tax liabilities in jurisdictions where they do not have a physical presence. In addition, many countries are adopting policies
Read MoreIRS Extends Retirement Plan Amendment Deadlines
The IRS on August 3 announced it would extend by three years the deadline for amending retirement plans or individual retirement arrangements (IRAs) to reflect certain provisions under the SECURE Act, the Bipartisan American Miners Act of 2019 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Many tax-qualified retirement plans, including non-governmental 403(b)
Read MoreInflation Reduction Act Becomes Law
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs. The bill moved through the legislative process in near-record
Read MoreSenate Approves Inflation Reduction Act with Changes to Tax Provisions
Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and all Republicans voting against it, and
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