Author Archives: mgracey

Gathering required documents and preparing to file federal tax returns each year can become a very cumbersome process. While U.S. tax laws allow individuals to request a six-month filing extension, they require individuals to pay their 2022 tax bills by the original April tax filing deadline, which, for 2023, is April 18. Failure to pay […]

Congress closed out another year without restoring taxpayers’ ability to fully deduct research and development (R&D) expenditures in the year incurred, a taxpayer-friendly provision of the Internal Revenue Code that had been in place for nearly 70 years before 2022. This change has had significant implications for many businesses that were again surprised to find […]

With the start of a new year, the IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes. Alternatively, taxpayers may calculate these deductible expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2023, the […]

You have a broad range of opportunities to save money during your working years so that you may afford a comfortable retirement in the future. Yet, with each type of retirement savings plan comes a unique set of rules and requirements, including procedures for paying taxes on your plan contributions and earnings. In the most […]

In this episode, Associate Director of Tax Services Kevin McNally explains how the Inflation Reduction Act will impact individual taxpayers.

The IRS extended until Oct. 16, 2023, various federal tax filing and payment deadlines for individuals and businesses impacted by severe storms in California and parts of Alabama and Georgia. Among the 2022 calendar-year tax-filing deadlines included in this relief are individual tax returns, typically due on Apr. 15; business tax returns, normally due on […]

In this episode, business advisor Richard Berkowitz shares things entrepreneurs need to think about  long before it is time for them to retire, sell or cash out.

Opportunity funds are going into their sixth year since their 2018 launch. They got off to a slow start as the IRS struggled to issue guidance on the many statutory rules applicable to these funds while the states struggled to designate the areas eligible for qualified opportunity fund investments. Covid also became a challenge, causing the IRS […]

Mentioning the federal research and development (R&D) tax credit often conjures up images of scientists in white coats conducting lab experiments. Truth be told, the credit, which can reduce taxpayers’ federal tax liabilities, applies to a wide variety of activities conducted by companies outside of labs in an even broader range of industries, including construction […]

In this episode, Director of Tax Services Richard Cabrera explains the options for business structures and how entrepreneurs should choose.