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2021 Year-End Tax Planning Letter

Tax season is right around the corner, so we want you to be prepared.  As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st. This is the time to reassess your overall tax picture for 2021 so you can [...]

OSHA Suspends Emergency Temporary Standard on COVID-19 Vaccinations and Testing for Employers with 100+ Employees

For our client with 100 or more employees, there have been several recent announcements and court rulings related to COVID-19 vaccinations and testing that should be of interest.  On November 4th, OSHA published its Emergency Temporary Standard or "ETS" that established certain minimum vaccine and testing requiremetns for private US employers with 100 or more [...]

By |2021-11-22T16:18:41+00:00November 22nd, 2021|News & Events|0 Comments

2022 IRS Limits on Retirement Plans

Highlights: The 401(k) deferral limit increased to $20,500.  The FICA taxable wage base increased to $147,000.  The maximum plan compensation limit increased to $305,000 and the maximum annual addition increased to $61,000. Indexed Plan Limits    2022 2021 Deferral Limits      401(k) Plan or SAR-SEP   $20,500 $19,500      403(b) Plan or 457 Plan 20,500 [...]

FAQs About Casualty Loss Deductions

Under current tax law, individual taxpayers are not permitted to deduct casualty losses from catastrophic events like Hurricane Ida, wildfires and floods…right? Wrong. Although recent legislation has tightened the rules, you may still claim deductions, within certain limits, for losses incurred in a federally designated disaster area. Following are the answers to some frequently [...]

By |2021-10-05T21:34:22+00:00October 5th, 2021|Individual Tax, News & Events, Press Releases|0 Comments

New Vehicle Depreciation Limits from the IRS

The IRS has announced the depreciation limits for vehicles placed in service in 2021. For instance, the maximum first-year deduction for a passenger car, including “bonus depreciation,” is $18,200 (up from $18,100 for cars placed in service in 2020). Deductions are then based on the percentage attributable to business use. Note: Comparable rules apply to [...]

Cost Segregation Study: Fast Tax Write-Offs for Building Parts

Generally, it takes a long time—39 years to be exact—to fully recover the cost of a business building through regular depreciation deductions. However, your business may benefit from faster write-offs if it conducts a “cost segregation study.” In effect, the study breaks out certain building components so the costs can be deducted over a shorter [...]