With tax year 2022 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Individuals: Annual gift exclusion and Estate Tax Exemption The annual gift exclusion for 2022 is… [keep reading…]
Category: TBC News
Tax Updates and Planning for Businesses
With tax year 2022 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses: Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]
2022 Tax Year Changes That Could Impact Your Manufacturing Company
The 2022 Tax year is swiftly coming to an end. Taxpayers should be on the lookout for three provisions effective January 1, 2023 which could have a significant impact on entity returns for the manufacturing industry; (1) the Tax Cuts and Jobs Act (TCJA) of 2018’s amendment to §174, (2) the Internal Revenue Code (IRC)… [keep reading…]
Additional Best Practices for Establishing a 401(k) Plan
As a follow-up to our article on August 19, 2022, we continue to look at best practices for establishing a 401(k) Plan. It is a great benefit for employees but employers must be aware of their fiduciary responsibilities. To ensure your Plan is compliant and running well, consider the following end of year items. Annual… [keep reading…]
Energy Efficient Incentives for New Construction and Renovation
The Inflation Reduction Act of 2022 (IRA) updated and reinstated several notable credits and deductions related to Solar and Energy efficiency. Construction of new residential or commercial structures are ideal candidates for these tax savings but they do not preclude existing structures being renovated. Below are a few notable tax considerations. 179D Deduction 179D is… [keep reading…]
What Goes into Running a Smooth Board Meeting
It can be quite frustrating for board members if board meetings are not run smoothly and effectively. Effectively utilizing the board’s time together is important to keep the board mission-focused and forward-thinking. Wasted time at meetings could impact an organization negatively and financially. How a board meeting can be run smooth and effectively comes down… [keep reading…]
IRS Announces Pilot Program for Plan Audits
In June 2022 the IRS announced that they were beginning a pilot program of pre-audits, whereby they will send a letter to a plan sponsor which informs them that their plan has been selected for audit, along with instructions that state that they have 90 days from the date of the letter in which to… [keep reading…]
Inflation Reduction Act of 2022: Impact on Electric Vehicles and Related Equipment
If you have considered installing electric vehicle charging stations at your home or business or have thought of purchasing an electric vehicle, you may be able to take advantage of tax credits that were recently updated in the Inflation Reduction Act of 2022. The Inflation Reduction Act (IRA) of 2022 included several provisions related to… [keep reading…]
Diversity and Inclusion on Your Nonprofit Board
Diversity and Inclusion are words we’re all hearing these days. How are they important to your nonprofit board? A board that’s more diverse and inclusive will bring more ways of looking at issues and problems, capitalizing on the different ideas and points of view. Including voices from a wider range of backgrounds will add value… [keep reading…]
Tax Considerations in Light of New Lease Standards
Over five years after its original issuance, the new accounting lease standard (ASC 842) will become effective for all private companies for fiscal years beginning after December 15, 2021. While we have discussed the financial statement impact of ASC 842 in previous editions of TBC Today, companies should also consider the potential impact on their… [keep reading…]