Newsletters

Tax Alerts
Tax Briefing(s)

President Biden, on August 16, 2022, signed the Inflation Reduction Act ( P.L. 117-169) into law following its passage along party lines in both chambers of Congress.


President Biden signed the CHIPS and Science Act into law after it received bipartisan support in both the House of Representatives and the Senate.


Department of the Treasury Secretary Janet Yellen is seeking a detailed plan from the Internal Revenue Service on how it plans to spend to the $80 billion in additional funds that the agency received as part of the Inflation Reduction Act that was signed by President Biden on August 16, 2022.


National Taxpayer Advocate Erin Collins has taken an "unusual step" to appeal an Internal Revenue Service Deputy Commissioners’ decision directly to Commissioner Charles Rettig for reconsideration regarding the use of scanning technology for paper tax returns.


The IRS and the Security Summit partners have warned tax professionals to beware of evolving identity theft scams perpetrated through phishing emails and SMS-text that are designed to trick practitioners into opening embedded links or attachments that infect their computer systems with the potential to steal personal and client information such as passwords, bank account numbers, credit card numbers, or social security numbers.


The IRS has extended the deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of Division O of the Further Consolidated Appropriations Act, 2020, P. L. 116-94, known as the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and Section 104 of Division M of the Further Consolidated Appropriations Act, 2020, known as the Bipartisan American Miners Act of 2019 (Miners Act). In addition, the IRS has extended the deadline for amending a retirement plan to reflect Section 2203 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), P. L. 116-136.The extended amendment deadline for (1) a qualified retirement plan or Code Sec. 403(b) plan (including an applicable collectively bargained plan) that is not a governmental plan or (2) an IRA is December 31, 2025.


The Treasury and IRS have issued final regulations eliminating the signature requirement for making a Code Sec. 754 election (section 754 election). The regulations finalize 2017 proposed regulations ( REG-116256-17), on which taxpayers were entitled to rely.


The American Institute of CPAs highlighted several challenges that tax practitioners are experiencing with the use of the Internal Revenue Service’s Practitioner Priority Service (PPS) line.


The American Institute of CPAs offered up suggestions to Congress, focused on the trust and estate proposals found within the fiscal year 2023 revenue proposal, as the legislative branch considers the White House Budget request.


2021 Individual Tax Return Preparation Engagement Letter


  • TAX STRATEGIES FOR INDIVIDUALS AND FAMILIES
  • INVESTMENT PLANNING
  • TAX PLANNING FOR BUSINESS
  • PLANNING FOR THE FUTURE

  • TAX STRATEGIES FOR INDIVIDUALS AND FAMILIES
  • INVESTMENT PLANNING
  • TAX PLANNING FOR BUSINESS
  • PLANNING FOR THE FUTURE
  • THE CURRENT 2020 TAX CLIMATE
  • NATIVE MINIMUM TAX (AMT)
  • TAX CREDITS & DEDUCTIONS
  • EDUCATION STRATEGIES
  • ESTIMATED TAX PAYMENTS
  • TAXES FOR DOMESTIC HELP
  • CHILDREN’S TAXES
  • CHANGES TO EXEMPTIONS
  • SUPPORTING YOUR PARENTS
  • TAX STRATEGIES FOR HOMEOWNERS
  • IRAs FOR KIDS
  • TAXES & DIVORCE
  • MANAGING RECEIPT OF INCOME
  • YEAR END TAX PLANNING TIPS
  • CAPITAL GAINS & LOSSES
  • APPRECIATING INVESTMENTS
  • OTHER CONSIDERATIONs
  • PASSIVE ACTIVITIES
  • MUTUAL FUNDS
  • BONDS
  • REAL ESTATE
  • INVESTING IN SMALL BUSINESSES
  • THE CARES ACT: $2 TRILLION STIMULUS PACKAGE INCLUDES SMALL BUSINESS LOAN RELIEF
  • INVESTING IN SMALL BUSINESSES
  • EMPLOYER-PROVIDED BENEFITS
  • BUSINESS TAX CREDITS & DEDUCTIONS
  • CHOOSING THE BEST INVENTORY METHOD
  • BENEFITING FROM BUSINESS LOSSES
  • DEDUCTIONS FOR MEALS, ENTERTAIN- MENT, AND TRANSPORTATION COSTS
  • EMPLOYEE OR INDEPENDENT CONTRACTOR?
  • RETIREMENT STRATEGIES
  • ESTATE PLANNING

  • INTRODUCTION
  • 2020 MAY BE OUR LAST CHANCE TO TAKE ADVANTAGE OF THESE TRADITIONAL  BUSINESS TAX BREAKS 
  • HIGHLIGHTS OF SELECTED COVID-RELATED TAX PROVISIONS IMPACTING BUSINESSES
  • SELECTED TAX CHANGES INCLUDED IN OTHER RECENT LEGISLATION
  • TRADITIONAL YEAR-END TAX PLANNING TECHNIQUES  
  •  FINAL COMMENTS                                   

  • INTRODUCTION
  • 2020 MAY BE OUR LAST CHANCE TO TAKE ADVANTAGE OF THESE TRADITIONAL TAX BREAKS
  • HIGHLIGHTS OF RECENT LEGISLATIVE CHANGES
  • HIGHLIGHTS OF TRADITIONAL YEAR-END TAX PLANNING TECHNIQUES