How will revised tax limits affect your 2022 taxes?
There are tax changes that may affect your tax situation for 2022, even if Congress didn’t pass the Build Back Better Act in 2021.
Proposed tax law changes pose major impact on estate planning
By Charles R. Kennedy, CPA, MBA Vice President & Director of Tax Services Tax proposals put forth during presidential campaigns often are watered down significantly by the time they get to the legislative stage, and those favored by President Joe Biden are no...Changes to auditor’s report aimed at visibility and transparency
By Frank T. Ardito, CPA Vice President & Director When you receive your audited financial statements for the year ended December 31, 2021, there will be a change to the auditor’s report. The American Institute of Certified Public Accountants (AICPA) Auditing...Hold the SALT, please
James J. DeLuca, CPA, MST Senior Tax Manager Owners of pass-through entity businesses will get some state-level tax relief for 2021 that is aimed at neutralizing one of the most unpopular features of the federal Tax Cuts and Jobs Act (TCJA) of 2017. The TCJA placed a...Partial termination of a retirement plan: How to recognize it and head it off
A retirement plan is partially terminated when a company’s workforce is downsized by a certain percentage due to decisions made by the company’s management. This could carry significant economic impacts.