ANNOUNCEMENT

NEW BUSINESS SUMMER HOURS

Beginning May 27, we will be implementing “Summer Hours” for our employees by closing our offices at noon on Fridays through August 19.

Articles & Publications

Navigating IRS Notices

With tax season now over, the IRS has begun sending out notices for recently filed returns. There is no need to panic as these notices are sent for a variety of reasons that do not always involve owing more. Read More >>

Remote Working: Tax Friend or Foe?

COVID-19 has certainly accelerated many shifts for businesses and employees, most notably remote working. Since many employees were forced to work from home due to government mandates or CDC recommendations, employees were able to show that they could work. Read More >>

Advanced Child Tax Credit: Planning for Your 2021 Tax Filing

The child tax credit has been getting a lot of attention in the press lately. An updated version of the ChildTaxCredit.gov website was released Monday with new features to assist taxpayers with obtaining the information they need to file. Read More >>

2022 Standard Mileage Rates Issued

January 18, 2022 Tax Advisor

Each year, the IRS issues optional standard mileage rates for the coming year. The rates cover the cost of using your personal vehicle, most commonly for business, but also if you drive for medical, moving, or charitable purposes. Each. Read More >>

Tax Structuring in M&A Transactions

*as seen in Crain’s Cleveland Business, January 17, 2022 A properly structured transaction can provide tax benefits to both the buyer and the seller. Typically, buyers want a deductible step-up in basis while sellers want capital gains treatment. Proper. Read More >>

2021 Year End Tax Planning for Businesses and Individuals

Year-end tax planning is always tricky, but pending legislation prior to year-end adds a whole new layer of complexity to the equation. At the current time, the House has passed the Build Back Better (BBB) Act with numerous changes. Read More >>

IRS Clarifies Guidance on 2021 Employee Retention Credit Termination

The Employee Retention Credit (ERC) was enacted under the March 2020 CARES Act to encourage businesses to keep employees on their payroll and was extended to last until the end of 2021. On December 6, the IRS released IRS. Read More >>

2022 Cost-of-Living Adjustments (COLAs)

November 30, 2021 Tax Advisor

The IRS has announced the 2022 cost-of-living adjustments (COLAs), which impact retirement plans for more than 70 million Americans. These taxpayers will get a 5.9% increase in monthly Social Security benefits and supplemental security income payments in 2022. The. Read More >>

Tax Framework for the Infrastructure Bill & Build Back Better Package

With the bipartisan infrastructure bill expected to be signed into law on Monday, the Biden Administration continues to iron out the details of its Build Back Better framework. Both packages carry significant tax aspects, and we have highlighted the. Read More >>

Employee Retention Credit: Calculations, Wages, PPP Forgiveness and More – Guidance for Q3 and Beyond

The IRS released Notice 2021-49 on August 4, which amplifies and clarifies guidance from the two previous Employee Retention Credit (ERC) Notices (see here, and here) and provides additional guidance on the American Rescue Plan (ARP) extension of the. Read More >>