Tax for Private Businesses

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 […]

The Secure Act 2.0, passed in late 2022, provides new provisions to help workers save for a more financially secure retirement. Many of these changes impact entities that already have employer sponsored plans in place. While initially set to go in effect January 1, 2024, the IRS recently provided some relief in Notice 2023-62 by […]

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 […]

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. […]

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 […]

HLB International, the global advisory and accounting network, recently released its latest annual leaders survey, which included nearly 600 participants from 60 countries. The major theme for 2023 is how to best steer through a “permacrisis” of economic and political uncertainties. Download PDF > A Continued Demand for Innovation The new report, entitled “Leading Through […]

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 […]

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 & […]

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 […]

Americans are now making political contributions for the 2022 midterm elections. Many activities that support or oppose candidates for federal, state, and local offices are subject to federal and state campaign finance laws. The laws generally limit the sources and amounts of funds used to finance elections. The following are guidelines to avoid incurring federal […]