Puerto Rico’s Act 20 & 22 Can Potentially Reduce Business Federal Tax Rate to 4%, and Individual Tax Rate to 0% Act 20 and Act 22 were enacted in Puerto Rico in 2012 to promote the exportation of services by…
Retirement Plans Startup Costs Tax Credit Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a…
IRS Audit Rates Dropped to 0.38% in 2022. Millionaire’s Audit Rates at 1.1% The odds of being audited in FY 2022 had fallen to 3.8 out of every 1,000 tax returns filed, or 0.38%. In FY 2021, the odds of…
New Jersey Adopts Important Changes to S Corporation Election Requirements Historically, in order for a federal S corporation to be recognized as an S corporation for New Jersey tax purposes, shareholders were required to make a separate New Jersey S…
Omnibus Spending Bill Focuses Primarily On Retirement Planning Enhancements On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: The Setting…
A Summary of the Key Amounts from Donald Trump’s Tax Returns for 2015 to 2020 Based upon the recently released report by the House Ways and Means Committee, below is a summary of the key amounts from Donald Trump’s tax…
Private Equity Now Looking to Invest in Professional Practices Historically, private equity has shied away from investing in professional practices in New York State (for example, accounting firms, medical practices, law firms) due to its strict regulations preventing non-professionals from owning professional practices…
ARE YOU READY FOR IMPLEMENTATION OF ASC 842 – THE NEW LEASE ACCOUNTING STANDARD? Non-public calendar year entities are required to adopt Accounting Standards Codification 842, Leases (ASC 842). The following is a list of insights which will assist in ensuring you…
What Individual Taxpayers Need to Know for Tax Filing Season As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are…
Recent Tax Court Ruling Provides a Big Win to Land Conservation Easements In recognition of the need to preserve the country’s heritage, Congress allowed an income tax deduction for owners of significant property who give up certain rights of ownership…