Is your income high enough to owe two extra taxes?
September 22, 2022
There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.
IRS won’t address some spinoff/terminations involving pension plan assets
September 20, 2022
Recently, the IRS announced some notable news for employers that sponsor qualified defined benefit plans, more commonly known as pensions.
Is your current bad debt allowance reasonable?
September 15, 2022
A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In light of this uncertainty, many companies are re-evaluating their allowances for uncollectible receivables.
The Inflation Reduction Act: what’s in it for you?
September 12, 2022
If you’re interested in purchasing energy-saving property for your home or an electric vehicle, you may qualify for a tax break under the new Inflation Reduction Act. Here are the basic rules.
Inflation Reduction Act provisions of interest to small businesses
September 9, 2022
The new Inflation Reduction Act provides small businesses with an incentive to increase their investments in research.
New law puts “book income” in the crosshairs
September 8, 2022
Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are concerned that the new law could compromise the perceived objectivity of U.S. accounting rulemakers.
