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Sweeney Conrad, PS

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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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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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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

Accounting Methods: Private Companies Have Options

Posted by Sweeney Conrad, PS on Sep 21, 2021 1:44:39 PM

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods.  What’s right for your business depends on its size, regulatory and contractual requirements, management’s future plans and the needs of its stakeholders.

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Accounting Estimates Present Challenges in Times of Uncertainty

Posted by Sweeney Conrad, PS on Sep 21, 2021 1:05:38 PM

In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue, how federal stimulus spending will affect the economy over the long run, and the extent to which tax laws and environment regulations may change under the Biden administration.

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Sweeney Conrad Announces September Promotions

Posted by Sweeney Conrad, PS on Sep 2, 2021 3:02:10 PM

We are excited to announce our September promotions. Four team members have been promoted with more to follow in November. Promotions include (from top left clockwise) Justin Hoffman and Shauna Hovancsek to Shareholder, and Tenly Krakoff and Stacey Monson to Principal.

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Topics: Sweeney Conrad People

IRS Issues Guidance on Meals and Entertainment Deductions

Posted by Sweeney Conrad, PS on Aug 19, 2021 1:26:13 PM

With so many pandemic-driven changes to tax rules over the past 18 months, it’s easy to have overlooked some revisions. For example, recent changes to the deduction for business-related meal and entertainment (M&E) expenses may have slipped below the radar.

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Employee Retention Credit: IRS Issues Guidance as Congress Mulls Early Termination

Posted by Sweeney Conrad, PS on Aug 12, 2021 5:48:39 PM

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA).

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Topics: Tax, COVID-19

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