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2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jun 27, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Taxation

Biden Administration's FY 2023 Budget Plan Calls for Corporate, High-Net-Worth Individuals Tax Hikes

Posted by Jessica L. Pagan, CPA on Apr 21, 2022

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

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Posted in Tax Updates, Taxation

2022 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Apr 08, 2022

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Taxation

Employers: The Social Security Wage Base Is Increasing in 2022

Posted by Michael D. Machen, CPA, CVA on Oct 26, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

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Posted in Tax Updates, Tax News, Taxation

Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study

Posted by Lesley L. Price, CPA on Oct 19, 2021

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even greater than they were a few years ago due to enhancements to certain depreciation-related tax breaks.

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Posted in Taxation

Year-End Tax Planning Under a Biden Presidency

Posted by Michael D. Machen, CPA, CVA on Nov 13, 2020

Although vote counting continues and legal challenges to the election endure, many news media organizations are projecting that former Vice President Joe Biden will become the 46th President of the United States on January 20, 2021.

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Posted in Taxation

2020 Election Tax Watch: Comparing Candidates' Potential Tax Policies.

Posted by Michael D. Machen, CPA, CVA on Sep 28, 2020

The U.S. presidential election is just over a month away, yet neither candidate has released a formal, detailed plan addressing his vision for the tax code. We can, however, gain a sense of how their approaches differ through casual mentions of some aspects of tax policy on the campaign trail.

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Posted in Taxation

Accelerate Depreciation Deductions with a Cost Segregation Study

Posted by Michael D. Machen, CPA, CVA on Oct 21, 2019

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even greater than they were a few years ago due to enhancements to certain depreciation-related tax breaks.

Full Story

Posted in Taxation

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