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IRS Increases Mileage Rate For Second Half of 2022

On June 9, the IRS released Announcement 2022-13, which modifies Notice 2022-3, by revising the optional standard mileage rates for calculating the deductible cost of operating a vehicle for business, medical or moving expense purposes. ...

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New Schedules K-2 and K-3 for Passthrough Entity Tax Returns

At the tail end of 2021, the Internal Revenue Service (IRS) released new Schedules K-2 and K-3 effective for tax years beginning January 1, 2021. These schedules are designed to present a substantially greater amount ...

The Build Back Better Act – Update

This information is current as of Sunday, November 21, 2021. On Friday, November 19, 2021, after the Congressional Budget Office (CBO) released its cost estimate for the bill, the House of Representatives passed H.R.5376, a ...

The Infrastructure Bill – Tax Provisions

On Friday, November 5, 2021, the House of Representatives passed H.R.3684, a $1 Trillion bipartisan “Infrastructure Investment and Jobs Act”. The Senate had passed the same version of the bill on August 10, 2021 and ...

Build Back Better Bill – What’s Gone, What Remains, What’s New, What Never Made It

The House Rules Committee released a revised text of the “Build Back Better” bill H.R. 5376  on Thursday, October 28th. The revised bill eliminates some things, keeps some things the same, adds some new provisions ...

A Golden Opportunity – Not to be missed

How often have you heard of a Tax Provision being “Taxpayer Friendly”? Few times, you say. Well, here’s one that may be beneficial to all taxpayers, but has not had the media coverage that it ...

The Ways and Means Committee of the U.S. House passed draft legislation proposing tax changes

On Wednesday, September 15, the Ways and Means Committee of the U.S. House of Representatives passed draft legislation proposing tax changes. It is far too early to know which provisions of the legislation, if any, ...

Reminder: 3rd Quarter Estimated Tax Payments are Due Wednesday (September 15)

The due date for making 3rd quarter estimated tax payments for individuals and trusts is Wednesday, September 15th. Please consider making payments electronically on the IRS website at irs.gov/payments or via the Electronic Federal Tax Payment ...

The Work Number – Employment Database Sharing Program (Action May Be Needed By July 31)

A new program for QuickBooks or Intuit Online Payroll users is going live on August 1, 2021. The Work Number, which is a user-paid verification of employment database that was created by TALX Corp., a ...

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U.S. Supreme Court Rules Against Latest ACA Challenge

In a highly anticipated decision, the U.S. Supreme Court on June 17 ruled by a 7-2 vote that the plaintiffs in the latest challenge to the Affordable Care Act (ACA) lacked standing to bring the ...

Reminder of May 28, 2021 Deadline to Apply for Temporary Property Tax Exemption for Qualifying Texas Property Damaged in February 2021 Winter Storm

Texas taxpayers only have until Friday, May 28, 2021 to file their application (Texas Form 50-312 Temporary Exemption Property Damage by Disaster) along with supporting documentation to obtain temporary property tax relief on qualifying property ...

Texas Legislation Provides Relief To Businesses Receiving PPP Loan Forgiveness

In response to the COVID-19 pandemic, the U.S. Congress enacted legislation providing economic relief to businesses through the paycheck protection program (PPP), which allowed businesses to secure forgivable loans in order to continue paying employees ...