During the 2022 General Assembly Session, legislation was enacted that allows a qualifying Pass-Through Entity (PTE) to make an annual election for Taxable Years 2021 through 2025 to pay a Pass-Through Entity Tax (PTET) at a rate of 5.75 percent at the entity level. Due to the timing of the legislation and because the filing […]
IRS Issues 2024 Standard Mileage Rates
By Federal Tax Update Staff The IRS has issued the 2024 standard mileage rates for calculating the deductible costs ofoperating an automobile for business, charitable, medical or moving purposes. The Notice alsocontains the maximum automobile cost used to calculate the allowance under a fixed and variablerate (FAVR) plan and the maximum fair market value of […]
Tax-Free Rollovers from Qualified Tuition Plans (529 Plans to Roth IRA)
Beneficiaries of 529 college savings accounts may make direct trustee-to-trustee rollovers from a 529 account in their name to their Roth IRA without tax or penalty. This provides an option for 529 accounts that have a balance remaining after the beneficiary’s education is complete. The 529 account must have been open for more than 15 […]
2023 Year-End Tax Planning
It’s hard to believe we are already in the last month of 2023. As we begin looking into the new year, we feel it’s important to take a moment to look back and review 2023 for year-end tax planning opportunities. We believe examining your 2023 tax situation before year-end could lead to tax savings when […]
Are You Waiting on Your Virginia Refund?
The Virginia Department of Taxation (VA TAX) implemented a “large dollar refund” validation process as a way to combat false refund claims. Large dollar refunds are those that are more than $10,000, according to VA TAX. Their procedure entails an additional level of review, which may extend the time it takes for the refund to […]
IRS Announces Immediate Moratorium on ERC Claims
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 […]
Now Hiring: Staff Accountant
Description Founded in 2004, Meadows Urquhart Acree & Cook, LLP is a fast-growing CPA firm of about 40 employees. We provide tax, assurance, and consulting services to mid-sized privately held companies, high net worth individuals, nonprofits and financial services. We work with clients who value consultative relationships and want to reach their potential. Our “In […]
Retirement Plans Made Simpler & Easier for Small Employers
Recognizing that many employees of small businesses are not covered by an employer sponsored retirement plan, both Congress and the Virginia General Assembly have been proactive in passing legislation that encourages more retirement plan participation. From Congress, we have the Secure Act 2.0, aka SECURE 2.0. There are two important provisions made available to small […]
Auto Mileage Rate Allowance Changes January 1, 2023
The IRS has announced a 3 cent per mile increase in the optional standard mileage rate effective on January 1, 2023. These rates can be used to calculate the deduction for the use of a vehicle for business travel or for medical and moving expenses as an alternative to tracking the actual costs of operating […]
Residential Home Energy Credits
Making your home more energy efficient may become less expensive thanks to two valuable income tax credits for energy-efficient home improvements that were extended and expanded in the “Inflation Reduction Act of 2022.” Beginning in 2023, Homeowners can now obtain increased tax credits for Energy Efficient Home Improvement Credits. Increased Residential Clean Energy Credits were made […]
