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U.S. House Passes the Build Back Better Act

Posted by Sweeney Conrad, PS on Nov 26, 2021 1:35:11 AM

The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs and, of course, taxes.

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Why a Gifting Strategy Still Matters

Posted by Melanie Abigania and Jessica Simons on Nov 18, 2021 8:36:23 PM

The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 per recipient ($32,000 for married couples). It’s adjusted only in $1,000 increments, so it typically increases only every few years.

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Topics: Estate Planning

New IRS Guidance - Tax Treatment of Research Expenses

Posted by Jeff Piha, CPA on Nov 18, 2021 7:34:29 PM

For many businesses, research and development (R&D) costs are a major expense—and a source of potentially significant tax questions. Two recent developments have complicated these questions. One is a new IRS memo announcing more stringent reporting requirements for some taxpayers claiming a widely-used tax credit; the other is a potential change in the deductibility of research expenses.

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Topics: Tax

Don't Forget to Factor 2022 Cost-Of-Living Adjustments Into Your Year-End Tax Planning

Posted by Sweeney Conrad, PS on Nov 18, 2021 7:07:32 PM

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account.

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Topics: Tax

Businesses Must Navigate Year-End Tax Planning with New Tax Laws Potentially on the Horizon

Posted by Sweeney Conrad, PS on Nov 18, 2021 5:38:32 PM

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its passage is uncertain at this time.

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Topics: Business

The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You'll Want to Know About

Posted by Sweeney Conrad, PS on Nov 18, 2021 5:11:54 PM

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked inside it. Here’s what you need to know about them.

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What Employers Need to Know About Compensated Absences this Holiday Season

Posted by Eve Shih and Jamie Gardner on Nov 17, 2021 3:27:37 PM

With the holidays and flu season just around the corner, many employees will be taking time off from their jobs for both vacations and illnesses. Business owners will need to be aware of the rules surrounding accrual, recognition, and measurement of these absences.

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Topics: Audit & Assurance

Potential Tax Law Changes Hang Over Year-end Tax Planning for Individuals

Posted by Sweeney Conrad, PS on Nov 11, 2021 7:21:50 PM

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which tax provisions are ultimately included in the BBBA, here are some year-end tax planning strategies to consider to reduce your 2021 tax liability.

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Topics: Tax, News

How to Account for Gain and Loss Contingencies

Posted by David Gruber on Nov 3, 2021 2:27:05 PM

A contingency refers to a condition, situation, or set of circumstances where it is uncertain whether or not a gain or loss will occur in the future. The result of the current condition, situation, or set of circumstances, is unknown until future events occur (or do not occur). Contingencies are different from estimates, even though both involve a level of uncertainty. Calculating depreciation using an estimated useful life or amounts accrued for services received are not contingencies.

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Topics: Audit & Assurance

Sweeney Conrad Announces 20 Fall Promotions

Posted by Emily Taibl on Nov 2, 2021 1:54:22 PM

Sweeney Conrad, an award-winning Kirkland accounting firm, announced their fall promotions this week. This year 20 employees are celebrating a promotion:

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Topics: Sweeney Conrad People

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