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Tax Planning
Chris Cook, Manager in the Tax Advisory Services Department, in front of Anglin office.
By: Christopher D. Cook, CPA The Inflation Reduction Act (IRA) allocated $45.6 billion to the IRS specifically for tax enforcement activities that would include hiring more enforcement agents, providing legal support and investing in “investigative technology.” That is an enforcement funding increase of 69% relative to prior projections, according to the Congressional Research Service. While...
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As another tumultuous year draws to a close, both individuals and small business owners are advised to assess their current tax situation with an eye on maximizing available tax breaks and avoiding potential tax pitfalls. Planning should be based on the latest laws of the land. Just look at the significant legislation enacted in recent...
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Maximize Your Estate and Gift Exclusions Before 2025 In 2022 the Internal Revenue Service maintains a $12.06 million gift and estate exemption as part of the Tax Cuts and Jobs Act of 2017, meaning that you can leave up to $12.06 million to a spouse automatically after death without your spouse incurring a federal estate...
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On August 25, 2022, Anglin Reichmann Armstrong and PTAC Florida hosted a government contracting growth summit called “Evolve.” This event aimed to connect small, medium, and large companies to discuss government contracting opportunities through networking and educational presentations. The event was held at the Hilton Garden Inn in Ft. Walton Beach, FL. Our 2022 Evolve...
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The Internal Revenue Service announced they are looking to hire over 4,000 contact representative positions in 22 cities in the U.S. and in Puerto Rico. So far through the month of June, the IRS has held virtual and in-person hiring events where they have given job offers to qualified candidates. “The IRS continues to increase...
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We know and have felt by now the effects of supply chain issues due to the pandemic. If you are in real estate, construction or manufacturing you may have seen an immediate difference between your 2019 revenue vs 2020 and 2021 revenues. How do you project costs and create budgets for 2023 based on the...
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We are approaching the time of year when many companies undergo an annual audit of their 401(k) plan. Even if an audit is not required of your company’s 401(k) plan, this is a great time to review the plan and ensure your fiduciary responsibility is being met and the plan is functioning as designed. Benefit...
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By Christopher D. Cook, CPA | August 20, 2021 The R&D Tax Credit offers a significant tax incentive for companies in a broad spectrum of technology-based industries. The credit has been part of the Internal Revenue Service tax code since 1981 and is responsible for billions of dollars in tax savings each year. It has...
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The IRS is explicitly providing the opportunity for non-compliant taxpayers who hold (or previously held) cryptocurrencies and failed to report them to the IRS to voluntarily come forward and avoid potential criminal prosecution. For practitioners in the business of assisting taxpayers with tax compliance, it’s déjà vu all over again. Previously, to ensure taxpayers fall...
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Capitol building along with the American flag flying in front of a blue, cloudless sky.
On September 13, 2021, the House Ways and Means Committee released their proposed tax legislation for action by the full House. The following are the major points from that legislation. This is all subject to change as it moves through the House. So, there is nothing written in stone yet. What the Bill Does NOT...
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