deadlines | Business Management Company

IRS announces adjustments to key retirement plan limits

December 1, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). […]

New digital asset reporting requirements will be imposed in coming years

November 24, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]

The tax score of winning

October 6, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]

IRS additional guidance addresses COBRA assistance under ARPA

August 24, 2021 / by Brett Hess / Deadlines, Small Business, Tax

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]

ABLE accounts may help disabled or blind family members

August 20, 2021 / by Brett Hess / Small Business, Tax

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]

There’s currently a “stepped-up basis” if you inherit property — but will it last?

July 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

Still have questions after you file your tax return?

May 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]

Need a new business vehicle? Consider a heavy SUV

April 7, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired […]

One reason to file your 2020 tax return early

January 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), […]

Can you qualify for a medical expense tax deduction?

December 17, 2020 / by Brett Hess / Small Business, Tax

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]

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