tax-for-private-businesses

ALERTS & ARTICLES/

Tax for Private Businesses

Nov

29

2022

Multiple New Tax Incentives in the CHIPS and Inflation Reduction Acts

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

TCJA Bonus Depreciation Set to Phase Out After 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

IRS Announces Enhanced Business Deductions for Remainder of 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 […]


Aug

16

2022

Federal and California Political Donation Limitations and Reporting Requirements

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 […]


Jun

27

2022

IRS Provides Relief for Filing Schedules K-2 and K-3 for 2021 Tax Year

The IRS has eased filing requirements for pass-through entities required to file two new tax forms—Schedules K-2 and K-3—for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international […]


Jun

22

2022

New IRS Cryptocurrency Reporting Requirements in 2023

The Infrastructure Investment and Jobs Act that was signed into law in late 2021 includes new definitions and tax reporting requirements for cryptocurrency. Download PDF > An Overview of the Changes Under existing broker reporting rules, if you have a stock brokerage account, whenever you sell stock or other securities, you will receive a Form […]


May

20

2022

HLB’s Global Annual Review Reveals 25% Network Growth in 2021

HLB International recently released its 2021 Global Annual Review, noting that the network experienced major growth in revenue, offices, and cross-border locations. Download PDF > HLB International, the global advisory and accounting network, recently released its 2021 Global Annual Review, Reaching New Heights. In addition to outlining the impressive growth experienced last year, the report […]


Feb

22

2022

HLB’s 2022 Global Business Leaders Survey Reveals the Rise of the Innovation Imperative

HLB International, the global advisory and accounting network, recently released its annual business leaders survey, which included nearly 600 participants from over 45 countries. The major theme for 2022 is the critical importance of innovation. Download PDF > Innovation vs. Execution Gaps The new report, entitled “Powering Your Innovation Engine,” revealed a greater confidence among […]


Feb

15

2022

2022 Federal Tax Calendar

To help ensure you don’t miss any important 2022 deadlines, we’ve provided this federal tax calendar summarizing when various tax-related forms, payments, and other actions are due. California and other states generally follow the federal filing deadlines, with certain exceptions. Please contact your Seiler tax advisor if you have questions about the deadlines or would […]


Feb

01

2022

Private Companies and NFPs:
6 Lease Accounting Steps to Take in 2022

As you may already know, in 2016 the Financial Accounting Standards Board (FASB) changed the way companies need to account for their leases under U.S. GAAP. The updated standard, ASC 842, went into effect for public companies in 2019 and must be adopted by private companies and non-profit (NFP) organizations this year, with an effective […]