The Year-End Tax Planning Series provides a roadmap for taxpayers navigating the many tax planning opportunities available this year. The content includes guidance for the various provisions enacted to help US taxpayers recover from recent economic hardships and other developments that may impact this year’s taxes. More resources will be added as they become available….
The Inflation Reduction Act of 2022 (H.R.5376), hereafter “the Act,” was signed into law by President Biden on August 16, 2022. The law includes several tax implications including a 15% Corporate Alternative Minimum Tax, a 1% excise tax on certain stock repurchases, an extension of the excess business loss limitation, numerous environmental and green energy…
Using emerging technologies for risk management and audit procedures can be done cost-effectively today using creative strategies, such as co-sourcing, outsourcing with subject-matter-experts, and/or bringing these technologies in-house.
GRF tax experts offer some preliminary highlights from the new legislation, including tax breaks and clean energy incentives.
When estate planning, check your beneficiary designations annually, as circumstances change. Incomplete or outdated forms can cause major problems later!
The COVID-19 pandemic has seen an expansion of the so-called “gig economy,” also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers have ever earned money through an online gig platform, such as Uber, DoorDash or Instacart. The opportunity to be your own boss or simply to make…
In today’s tight labor market, small businesses may need to think outside the box to find employees to fill open positions. In some cases, you may have to sweeten the deal with higher salaries or extra benefits. But you may be able to offset higher compensation costs with a lucrative federal tax credit for hiring members…
Donating time to a charity can be a rewarding experience — both for you and people (or animals) who benefit from the organization’s mission. But your efforts may also provide you with some well-deserved tax breaks if you itemize deductions on your tax return. Although you can’t deduct the “value” of your services, here are…
By CTCPA Advisory Council Chair Jim Norton, CPA, GRF CPAs & Advisors This article was printed in the Summer 2022 issue of Connecticut CPA Magazine Go to most midsize or above business software pages right now and keep track of how many times they talk about “outgrowing Excel” and the urgent need to replace Excel….
If your organization follows Uniform Guidance requirements for procurement under 2CFR 200.320, you might be able to increase the threshold for making micro-purchases, or purchases that do not require stringent account processing for compliance.