The Inflation Reduction Act of 2022 represents the most significant legislation to combat climate change in our nation's history. It will drive investment and dynamic economic growth, create new opportunities for workers by supporting good-paying jobs, and lower costs for American families as we build a clean energy economy. The Inflation Reduction Act also promotes [...]
After the confusion of the first Paycheck Protection Program (PPP) Loan Forgiveness process, there is hope! The Small Business Administration (SBA) announced a new portal for borrowers of $150,000 or less in the second round of PPP loans which allows borrowers to apply directly to the SBA for forgiveness. Lenders must opt-in for borrowers [...]
Hoosiers will see a total refund worth $545.3M when they file their 2021 state tax returns next year. Per Indiana state law, if Indiana’s reserves are 12.5% of general fund appropriations or higher (excluding K-12 education reserves), Hoosiers get the surplus back in the form of a tax credit. This year’s reserves are an [...]
With the newly elected legislature sworn in last month, two highly controversial bills from the previously legislature – A.B. 1253, which would have increased the highest individual tax rate to 16.8%, and A.B. 2088, which would have created an annual wealth tax of 0.4% for certain taxpayers – have officially died. However, the current legislature [...]
Hamilton County, Ohio announced on Friday, May 8, in a COVID-19 related press conference that it will soon accept applications from small businesses located in the County for grants of up to $10,000. We anticipate more details will appear on the Hamilton County Public Health website as soon as next week. Because the federal funding [...]
The IRS has announced new relief procedures for certain individuals who have relinquished their U.S citizenship but want to come into compliance with their U.S. income tax and reporting obligations and avoid being a "covered expatriate" under Code Sec. 877A. The new "Relief Procedures for Certain Former Citizens" are available only to individuals, not to [...]
The IRS has reminded taxpayers—whether individuals, organizations or businesses—to develop an emergency preparedness plan as the peak of hurricane season fast approaches. Taxpayers should place original documents such as tax returns, birth certificates, deeds, titles, and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted [...]
...Related House Vote Expected Soon Senate tax writers on Capitol Hill continue to discuss bipartisan retirement savings bills as the House gears up for a vote on a related tax measure. The Senate Finance Committee (SFC) held a May 14 hearing during which lawmakers on both sides of the aisle highlighted the importance of moving [...]
The IRS has issued its annual revisions to the general procedures for ruling requests, technical memoranda, determination letters, and user fees, as well as areas on which the Associate Chief Counsel offices will not rule. The revised procedures are generally effective January 2, 2019. Rev. Proc. 2019-1 This procedure explains how the IRS provides advice [...]
The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions. 2019 Standard Mileage Rates The standard mileage rates for 2019 [...]
