Press Releases

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2021 Year-End Tax Planning Letter

By |2021-12-09T21:22:19+00:00December 9th, 2021|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases, SALT|

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 [...]

2022 IRS Limits on Retirement Plans

By |2021-11-10T14:44:51+00:00November 10th, 2021|News & Events, Pension Admin & Consulting, Press Releases, Social Security|

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

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

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 [...]

New Vehicle Depreciation Limits from the IRS

By |2021-10-05T21:42:55+00:00September 25th, 2021|Corporate & Partnership Tax, News & Events, Press Releases|

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

By |2021-10-05T21:32:45+00:00September 9th, 2021|Construction, Corporate & Partnership Tax, News & Events, Press Releases|

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 [...]

It’s time to implement the new lease standards

By |2021-08-27T13:35:28+00:00August 27th, 2021|Accounting & Auditing, News & Events, Press Releases|

The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting Standard Codification (ASC) 842 will fundamentally change the prior leasing standard implemented 40 years ago.  This new standard applies to any entity that enters into a contract that allows a second entity to take control of agreed upon property, plant or equipment. The [...]