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SUBSCRIBEAt 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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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 […]
Jan
26
2024
2024 Annual Gift Tax Exclusion Increase The annual gift tax exclusion is designed to allow taxpayers to give a certain amount to recipients without paying any federal estate or gift tax or reducing the taxpayer’s lifetime gift and estate exemption. In 2024, the individual gift tax exclusion is $18,000 per recipient, up from $17,000 in […]
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 […]
Nov
01
2023
The Corporate Transparency Act (CTA) expands anti-money laundering laws and creates new reporting requirements for certain companies doing business in the United States. Beginning in 2024, many small businesses will be required to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) to create a database for national security and law […]
Oct
18
2023
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 […]
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 […]
Feb
24
2023
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 […]
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 […]