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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

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

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

The Way Forward: COVID Relief Assistance Update

Posted by Sweeney Conrad, PS on Jul 18, 2021 10:37:56 PM

As businesses move beyond operating in pandemic crisis mode, many are facing a significant financial aftermath and considering their options. If you haven’t yet taken advantage of all available programs to help your company, it’s not too late for some assistance.

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Topics: Tax

Help Guide Your Family with a Road Map for Your Estate Plan

Posted by Melanie Abigania, CPA on Jun 29, 2021 2:59:15 PM

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan.

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Topics: Tax, Estate Planning

Members of the Sandwich Generation Find Themselves in a Unique Situation

Posted by Jessica Simons, CPA on Jun 29, 2021 2:49:40 PM

The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.

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Topics: Tax, Estate Planning

New Remote Work Arrangements Raise Tax Questions

Posted by Sweeney Conrad, PS on May 27, 2021 4:24:42 PM

In addition to causing untold health and economic damages, the COVID-19 pandemic has had a profound—and possibly permanent—impact on many longstanding workplace practices. For example, although working from home began as a temporary emergency response, a number of high-profile companies now say they plan to continue the practice in their post-pandemic operations.

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Topics: Tax, COVID-19

The Biden Administration Proposes Far-Reaching Tax Overhaul: Updates on the American Families Plan

Posted by Sweeney Conrad, PS on May 7, 2021 12:33:16 PM

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations.

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Topics: Tax, COVID-19

Washington State Capital Gains Tax - What We Know Now

Posted by Sweeney Conrad, PS on Apr 30, 2021 1:19:11 PM
On April 24, the Washington State legislature voted in favor of a new Washington State Capital Gain Excise Tax, by a narrow margin. The legislation is expected to be signed by Governor Inslee shortly. While challenges are anticipated, here is what we know now:
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Topics: Tax, News, High Net Worth

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