Penalty Relief for Certain Taxpayers Filing Returns for 2019 and 2020 Due to the Pandemic
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS announced Notice 2022-36 stating relief for certain taxpayers filing 2019 and 2020 returns. Here’s what you need to know: The penalty is typically assessed at a rate of 5% per month and up to 25%...
Inflation Reduction Act of 2022 Was Passed by the Senate
The Senate Democrats passed legislation aiming to reduce the federal deficit by incorporating a 15% minimum tax, along with lowering energy and health care costs and dealing with environmental issues. The Act will theoretically raise $450 billion in revenue. 15%...
When Divorce Cases Get Sticky
Make Sure Business Owners Base Their Pay on Current Market Rates Divorce can be messy, especially when it involves a controlling interest in a closely held business that has the power to set compensation levels. A professional valuator can help evaluate owners’...