Tired of seeing and hearing all these ads for Employee Retentions Credits (ERC) and wondering if my business qualifies? Amid rising concerns about a flood of improper Employee Retention Credit claims and other related business scams, the Internal Revenue Service announced last week a moratorium through at least the end of the year on processing […]
2022 Year-End Tax Planning
“It’s hard to believe we are already in the final quarter of 2022. As we begin looking forward to the possibilities of a new year, we believe it’s important to take a moment to look back and review 2022 for year-end tax planning opportunities. We believe examining your 2022 tax situation before year-end could lead […]
Inflation Reduction Act Summary
The recently enacted Inflation Reduction Act of 2022 included new taxes on large C corporations and many new credits available to businesses and individuals. For your convenience, here is an easy-to-read summary of those tax provisions, courtesy of Thomson Reuters. We look forward to discussing with you any of these new changes that may affect […]
Tax Law Changes Included in Recently Signed VA Budget
2022 One-Time Tax Rebate Taxpayers may receive a rebate payment of up to $250 for single filers and $500 for married filers. Eligibility is determined by your net tax liability minus any credits claimed against that liability on your 2021 tax returns. Rebates for taxpayers that filed 2021 tax returns prior to July 1st, 2022 […]
Now Hiring: Senior Tax Accountant
Education: BS in accounting. CPA license Career Level: 3 years of relevant public accounting experience We are a growing firm and looking for our future leaders. We are a team of passionate professionals who are excited about helping our clients and employees develop and achieve their potential. We are looking for a driven individual who […]
Flow-Through Entities—Schedule K-2 and K-3 Reporting Requirements
As a result of the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS introduced two new schedules (Schedules K-2 and K-3) that may need to be completed for partnerships and S Corporations for the 2021 tax year. The purpose of the schedules are to report items of international tax relevance when calculating a […]
Advanced Child Tax Credit – is your IRS Letter 6419 reporting accurate totals?
We shared recently to be on the lookout in your mailbox for Letter 6419 from the IRS. This letter reports the amount of advanced child tax credit (ACTC) you received in 2021. It is imperative that your 2021 tax return report valid information for the ACTC to avoid IRS processing delays. The IRS has indicated that […]
Are You Ready for Tax Season?
Fourth Quarter Estimated Payments Due January 18th If you are required to make estimated payments for 2021, the fourth quarter payment is due on January 18th. Due to continued processing delays at the IRS, we recommend that federal payments be made online at https://www.irs.gov/payments or via EFTPS. Virginia payments can be paid online at https://www.tax.virginia.gov/individual-income-tax-payment-options. If you choose […]
Charitable Gifts – Stock or Cash?
If you are planning to make a relatively substantial contribution to a charity, college, etc., you should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and the organization will be just as happy to receive the stock. This tax planning tool is derived […]
Advance Child Tax Credit Payments Starting July 15th
More people are eligible this year to receive the Child Tax Credit in 2021 as part of the American Rescue Plan. If you claimed the Child Tax Credit for 2020, you received it as a dollar for dollar offset to your tax liability when filing your taxes. For the 2021 tax year, the IRS will send out 50% of that […]
