Penalty Relief for Taxpayers Filing 2019, 2020 Returns

The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers. Under  Notice 2022-36 released by the IRS, the Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their […]

Read More…

2022 Sales Tax Holidays and Exemption Periods

On Friday, Governor Ron DeSantis signed House Bill 7071 which provides more than $1.2 billion of tax relief for Floridians. The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools. A one-pager on the bill can be found here. The […]

Read More…

Section 174 Research Deduction Changes for 2022

The IRS will require business owners to amortize Section 174 research expenses over multiple years instead of deducting them in the year incurred unless a provision in the Tax Cuts and Jobs Act changes before December 31. Through 2021, businesses could deduct Section 174 expenses in the year in which they were incurred or capitalize […]

Read More…

The Future of Taxes and Multinational Corporations

Countries around the globe are trying to stem the so-called “rush to the bottom,” which has multinational companies moving their corporate headquarters so they can lower their tax bills. Countries like Bermuda, the Cayman Islands and Ireland are some popular destinations for corporations looking for tax havens. The result of this tax strategy is a […]

Read More…

Employers Get Tax Breaks for Vaccination Leave

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. These credits are available to eligible employers that pay sick and […]

Read More…

Join our email list.

We’ll deliver accounting insights and advice straight to your inbox.