by Tricia Tuchscherer-Nieva | Published On Nov 16, 2022 | Blog, Tax
The limits on the amounts that you can invest into many retirement plans, as well as the income-based phase-out limits, have been increased for 2023. The new limits are set based on your income filing status, income level, and age, and vary by plan and other available...
by Dawn Anderson | Published On Aug 29, 2022 | Blog, Tax
President Joe Biden signed the Inflation Reduction Act of 2022 (IRA) into law on August 16, 2022. The legislation aims to combat climate change, lower prescription drug costs, tax wealthy corporations, and more. Below are highlights of the major provisions. Corporate...
by Dawn Anderson | Published On Jun 29, 2021 | Blog, Tax
The Internal Revenue Service (IRS) and U.S. Department of Treasury (Treasury) have developed several online tools and resources designed to assist families with the enhanced Child Tax Credit for the 2021 tax year. The credit is part of the American Rescue Plan Act of...
by Dawn Anderson | Published On Dec 4, 2020 | Blog, Tax
In May of this year, the Internal Revenue Service (IRS), in coordination with the U.S. Department of the Treasury, issued Notice 2020-32, which provides that otherwise deductible business expenses are not deductible if the taxpayer is the recipient of a Paycheck...
by PKCPA | Published On Nov 4, 2020 | Blog, Tax
On November 3, 2020, Arizona voters approved Proposition 208 (Prop 208), the Tax on Incomes Exceeding $250,000 for Teacher Salaries and Schools Initiative. Also referred to as the Invest in Arizona Act, Prop 208 provides for the imposition of a new income tax...
by Dawn Anderson | Published On Mar 28, 2020 | Blog, CCOVID-19, Tax
President Trump signed into law the CARES Act (the “Act”), the $2 trillion stimulus package designed to stabilize the economy amid the COVID-19 pandemic. The groups that will most benefit are individuals, small businesses, big corporations, hospitals and public...
