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At Seiler LLP, we continually strive to provide our clients with current news, insightful opinions and tax planning tools throughout the year.
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At Seiler LLP, we continually strive to provide our clients with current news, insightful opinions and tax planning tools throughout the year.
SUBSCRIBEAt Seiler LLP, we continually strive to provide our clients with current news, insightful opinions and tax planning tools throughout the year.
SUBSCRIBEFeb
05
2024
Reference this tax calendar to learn the 2024 deadlines for various tax-related forms and payments. DATE 2024 FEDERAL TAX DEADLINE FOR January 31 Individuals: Filing a 2023 income tax return (Form 1040 or Form 1040-SR) and paying tax due, to avoid penalties for underpaying the January 16 installment of estimated taxes. Businesses: Providing Form 1098, Form 1099-MISC (except for those […]
Nov
06
2023
Changes to the credit loss model have been updated effective January 1, 2023 via Accounting Standards Update No. 2016-13 (ASU No. 2016-13). The goal of ASU No. 2016-13 is to update a perceived weakness in US GAAP by updating impairment accounting for financial instruments to add an impairment model known as current expected credit losses […]
Mar
28
2023
Mitigating the adverse effects of climate change is one of the primary goals of the Inflation Reduction Act (IRA) enacted in 2022. The federal legislation is packed with tax incentives, including the significant expansion and extension of two tax deductions for energy-efficient construction. Download PDF > Sec. 179D Deduction Changes in the Inflation Reduction Act […]
Mar
13
2023
In an effort to provide relief to those who suffered through recent winter storms, the IRS and California FTB have announced that many tax deadlines for affected Californians have been extended to October 16, 2023. Who does this impact? Most California individuals, businesses, and tax-exempt organizations are eligible for tax filing and tax payment extensions. […]
Feb
24
2023
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. IRS extended return filing and […]
Dec
20
2022
The IRS recently issued its 2023 cost-of-living adjustments for more than 60 federal tax provisions. With inflation up significantly this year, many amounts increased considerably over the 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these 2023 adjustments into account. Download PDF > Individual Income Taxes Tax-bracket thresholds increase […]
Dec
09
2022
Recently proposed regulations covered numerous topics, but one of the most noteworthy is an unexpected interpretation of the so-called “10-year rule” for inherited IRAs and other defined contribution plans. If finalized, these regulations could lead to larger tax bills for certain beneficiaries. Download PDF > Back in late 2019, the first significant legislation addressing retirement […]
Nov
29
2022
The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) provides generous federal tax incentives to increase domestic production of semiconductors, while the Inflation Reduction Act (IRA) includes significant provisions related to climate change, providing federal energy related tax credits. Download PDF > Overview of the 2022 CHIPS Act The CHIPS Act combines […]
Nov
15
2022
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so- called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Download PDF > Bonus Depreciation Rules & […]
Aug
29
2022
The IRS recently released enhanced business deductions for eligible taxpayers for the final six months of 2022. New rules have been put into place regarding the standard business mileage rate deduction, medical and moving driving deductions, and the business meal deduction. Download PDF > Standard Business Mileage Rate Increase in Second Half of 2022 The […]