Tax Strategy & Compliance

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Why You Should Keep IRS Letter 6419

Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you …

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Can You Claim a Recovery Rebate Credit on Your 2021 Taxes?

While most eligible people have already received their Economic Impact Payments from the federal government, not everybody got a stimulus check or did not receive the full Recovery Rebate amount. If you were eligible for an Economic Impact Payment and did not receive it, you may be able to claim a Recovery Rebate Credit to …

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IRS Backlog May Delay Returns

Be prepared to wait for your tax refund again this year. The Internal Revenue Service (IRS) has issued a statement warning that, due to office closures, staffing shortages, and multiple new tax initiatives and programs, the backlog that built up during the pandemic will likely lead to delays in processing tax returns again this year. …

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Mileage Deduction Rates Rise for 2022

With travel for business purposes rebounding as pandemic restrictions are eased, it is good to know that you will be able to deduct a little more for your automobile mileage in 2022. The standard mileage rate for 2022 will be 58.5 cents per mile, an increase of 2.5 cents per mile over the 2021 rate. …

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IRS Clarifies Rules on Excess Compensation Tax

The Tax Cuts and Jobs Act is an often-overlooked crackdown on seven-figure compensation amounts paid to the highest earners. Essentially, beginning in 2018, your not-for-profit organization could be charged a hefty excise tax if it pays more than $1 million to certain “covered” employees. The IRS issued final regulations in early 2021 that generally mirror …

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Virtual Year-End Planning Seminar 2021 Recording Access

During this seminar, we provided crucial information and discussions that will allow you to take control of your future and move forward with confidence. Gray, Gray & Gray Partners, Kelly Berardi, Derek Rawls, and Brad Carlson presented a Tax Update, discussing the impact of proposed tax changes. A panel of thought leaders also covered a range of …

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Employee Retention Credits Eliminated

One of the provisions of the recently passed Infrastructure Investments and Jobs Act is the elimination of the Employee Retention Credit (ERC) for Q4 2021. There is an exception for companies founded after February 15, 2020 (known as recovery start up businesses). The termination of the credit for the fourth quarter payrolls was anticipated based …

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Danger! How Nonprofits Often Lose Their Tax-Exempt Status

With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your status. So if you lead a 501(c)(3) organization, be sure …

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Factor in taxes if you’re relocating to another state in retirement

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. …

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You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there …

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