On October 18, the IRS announced a number of inflation adjustments for the 2023 tax year. The tax year 2023 adjustments described below generally apply to tax returns filed in 2024, and two key changes affect estate and gift taxes. The annual gift tax exclusion is increasing from $16,000 per recipient to $17,000 per recipient. [...]
New law revamps electric vehicle credits (Image above is of Mercedes EQS, built in Tuscaloosa) Are you thinking about purchasing an electric vehicle (EV) or plug-in hybrid? The new Inflation Reduction Act (the IRA) green lights tax credits for many taxpayers who buy EVs in 2023. However, other individuals may hit some unexpected roadblocks. [...]
Lauren Roberts and Kim Smith discuss IRS notices and the best ways to avoid them! These two tax accountants share war stories on IRS notices, including some of the most common reasons notices are triggered and how to create an IRS online account. And of course, IRS scams - beware! Hosts: JamisonMoneyFarmer PC CPAs Lauren [...]
We are really excited to share that we are launching a new podcast to help people grow as business owners. We advise many thousands of business owners every year, and as a result, felt it was time to start having those on camera to help leverage those discussions for more people to enjoy. We also [...]
The IRS often contests an employer’s classification of workers as independent contractors as opposed to employees. If a worker is labeled as an independent contactor, the employer does not have to pay its fair share of federal payroll taxes, nor does it have to provide costly fringe benefits available to employees. This can result in [...]
After numerous twists and turns, the Inflation Reduction Act (the IRA) was finally signed into law by the president on August 16. Among other aspects, the new law addresses climate control, extends health insurance subsidiaries and permits Medicare to negotiate drug prices. But it also includes the following key tax provisions for individuals and [...]
For those of us who worked in the 80s and 90s, the Superfund Excise Tax is not a new thing. In fact, it originally ended in the mid-1990s. However, effective July 1, 2022, the Superfund Excise Tax is back (typed in my best Boy Band voice). The reinstatement of the Superfund Excise Tax was [...]
PDF and Printer Friendly Checklist: What to do when a family member dies This is a great resource that we put together and occasionally update for various reasons, including tax law changes. I can speak from experience that it helps during a difficult time. And our Estate and Trust group is very experienced, so please [...]
Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions. Basic premise: Generally, distributions from a traditional IRA are fully taxable at ordinary income rates reaching as high as [...]
If you have been feeling the pinch at the gas pumps lately, at least there is some tax consolation: The standard mileage rates used by certain taxpayers in lieu of deducting actual expenses are going up for the last six months of 2022. Effective on July 1, 2022— The rate for business driving increases to [...]