Tax Strategy & Compliance

Despite months of negotiations and debate, the U.S. Senate failed to pass HR 7024, titled the “Tax Relief for American Families and Workers Act of 2024.” The bill’s failure means that several proposed changes to the U.S. tax code will not be implemented, affecting both individuals and businesses. This outcome particularly impacts rules on research […]

The potential consequences of the Senate failing to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, are numerous, as this crucial legislation addresses several important tax issues. One of the most significant for businesses is the proposed addback of depreciation, amortization, and depletion when determining adjusted taxable income under

With a significant tax bill seemingly stuck in Congress, many clients are asking, “Should I file or extend for the March 15 and April 15 tax deadlines?  Some background:  The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) stormed through the House of Representatives with a resounding bipartisan vote (357-70) approving

Individuals and businesses need be aware of upcoming deadlines for filing taxes and submitting various forms. Staying informed and prepared will help ensure compliance with the IRS requirements and avoid potential penalties. Below are the key deadlines for the 2023 tax year that you need to mark on your calendar. For Individuals: April 15, 2024:

On January 31st, the U.S. House of Representatives passed the Relief for American Families & Workers Act of 2024, which includes significant changes to Section 174 Research and Development (R&D) expensing rules, enhancements to the Child Tax Credit, and restoration of several other business friendly provisions. The bi-partisan agreement still needs to be finalized and passed