IRS Issues Penalty Relief for Many Taxpayers
The Internal Revenue Service recently issued a notice (IRS Notice 2022-36) that provides broad penalty relief for specified delinquent 2019 and 2020 tax returns. For U.S. taxpayers who qualify, this relief will waive and refund delinquent filing penalties for many who filed their 2019 and/or 2020 tax returns late. Notably, certain penalties for international reporting…
Summary of Tax Provisions in the Inflation Reduction Act
The Inflation Reduction Act of 2022 (H.R.5376), hereafter “the Act,” was signed into law by President Biden on August 16, 2022. The law includes several tax implications including a 15% Corporate Alternative Minimum Tax, a 1% excise tax on certain stock repurchases, an extension of the excess business loss limitation, numerous environmental and green energy…
Biden Signs Inflation Reduction Act with New Clean Energy Incentives
GRF tax experts offer some preliminary highlights from the new legislation, including tax breaks and clean energy incentives.
Time to Check Your Beneficiary Designations
When estate planning, check your beneficiary designations annually, as circumstances change. Incomplete or outdated forms can cause major problems later!
What You Need to Know About Taxes and Gig Work
The COVID-19 pandemic has seen an expansion of the so-called “gig economy,” also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers have ever earned money through an online gig platform, such as Uber, DoorDash or Instacart. The opportunity to be your own boss or simply to make…
Small Business Alert: Take Advantage of the WOTC for New Hires
In today’s tight labor market, small businesses may need to think outside the box to find employees to fill open positions. In some cases, you may have to sweeten the deal with higher salaries or extra benefits. But you may be able to offset higher compensation costs with a lucrative federal tax credit for hiring members…
10 Tax Tips for Volunteers
Donating time to a charity can be a rewarding experience — both for you and people (or animals) who benefit from the organization’s mission. But your efforts may also provide you with some well-deserved tax breaks if you itemize deductions on your tax return. Although you can’t deduct the “value” of your services, here are…
Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military…