Category Archives: Tax Updates

What is the Corporate Transparency Act?

The Corporate Transparency Act (CTA) goes into effect on January 1, 2024 and will impact [...]

Can I deduct meals and entertainment expenses for my small business?

Staying on top of the latest tax rules for meals and entertainment expenses is important. [...]

Understanding Rev. Rul. 2023-14: Inclusion of Cryptocurrency Validation Rewards in Gross Income

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Things to know about the IRS Expansion of the Electric Vehicle Tax Credit

If you’re in the market for an electric vehicle and you’ve kept your eye on [...]

IRS raises mileage rates effective July 1, 2022

Effective July 1, 2022, the business standard mileage rate for use of an automobile (including [...]

IIJA’s New Digital Asset Reporting Requirement

The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law on Nov. [...]

IIAJ Retroactively Terminates Employee Retention Tax Credits

The Infrastructure Investment and Jobs Act (IIAJ) (to be signed by President Biden on November [...]

IRS announces 401(k) limit increases to $20,500

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the [...]

Advance Child Tax Credit: Should You Opt-Out?

The American Rescue Plan Act (ARPA) included a provision that allows for the IRS to [...]

The American Rescue Plan Act of 2021 – Individual Provisions

Below we have assembled a brief summary of some of the individual taxpayer provisions of [...]