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Tax Relief for Victims of Hurricane Ian in Florida

by Steven J Weil, PhD, EA, LCAM | Oct 7, 2022 | Blog, Business Tax, Personal Tax

The IRS Announced Tax Relief for Victims of Hurricane Ian in Florida on September 29, 2022. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax...

2022 Changes to the Credit for Electric Vehicles

by Steven J Weil, PhD, EA, LCAM | Oct 3, 2022 | Blog, Business Tax, Personal Tax

Changes in the Electric Vehicle Tax Credit The Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new...

2022 Educator Expense Deduction Increased to $300

by Steven J Weil, PhD, EA, LCAM | Sep 19, 2022 | Blog, Personal Tax

The educator expense deduction has been increased for this year. Now teachers and other educators can deduct up to $300 in out-of-pocket classroom expenses when they file their 2022 federal income tax return. Who qualifies? Anyone who, is a teacher, instructor,...

IRS Announces Penalty Relief Late Filing of 2019 & 2020 Returns

by Steven J Weil, PhD, EA, LCAM | Aug 31, 2022 | Blog, Business Tax, Personal Tax

Penalty Relief: IRS Notice 2022-36 The IRS has announced broad-based penalty relief for certain 2019 and 2020 returns due to the COVID-19 pandemic. The penalty relief will be automatic for people and businesses who qualify. Relief applies specifically to the failure...

Student Loan Debt Forgiveness

by Steven J Weil, PhD, EA, LCAM | Aug 24, 2022 | Blog, Investments, Personal Tax

Today, August 24th 2022, President Biden announced a program to forgive student debt for qualifying taxpayers. According to the announcement, those with qualifying student loans could receive between $10,000 and $20,000 in forgiveness. Pell Grant recipients can...

Student Athletes Name, Image, or Likeness

by Steven J Weil, PhD, EA, LCAM | Aug 16, 2022 | Blog, Business Tax, Personal Tax

Colleges Now Allow Student Athletes to Profit from the Use of Their Name, Image, or Likeness The National Collegiate Athletic Association (NCAA) is now allowing athletes to receive compensation for the use of their name, image, or likeness (NIL). This new source of...
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Blog

HIGHLIGHTS OF THE 2023 FUNDING BILL

Jan 16, 2023 | Uncategorized

President Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022. Here are some of the highlights: Increases the age for required minimum distributions. Beginning January 1, 2023, the age is raised to 73, and to 75 on...

Who Can Be A Dependent?

Jan 13, 2023 | Blog, Personal Tax

A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...

2023 Business Standard Mileage Rate 65.5¢

Jan 11, 2023 | Blog, Business Tax

The IRS has announced the new 2023 standard mileage rates. The rate for business use of an auto increases 3 cents per mile, from 62.5 cents in 2022 to 65.5 cents for 2023. The standard mileage rate for medical miles remains 22 cents per mile for 2023 (the remaining...

Be Careful Not to Violate Child Labor Laws

Jan 9, 2023 | Accounting, Blog

A recent investigation by the Department of Labor (DOL) found that 11 franchisees in 6 states of the Utah-based Crumbl Cookies bakery company violated federal child labor laws. According to the Fair Labor Standards Act (FLSA), whether school is in session or not, 14...

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