At Thanksgiving, we give thanks for many things. We are thankful for our families, loved ones and the food we sit down to share as we celebrate the holiday — along with the Northeast producers who will make our Thanksgiving meal possible.
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In November 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution to impose an additional 4% surtax on the portion of a taxpayer’s taxable income that exceeds $1 million. Shortly after, seven other states introduced their own legislation targeting high-income earners including Connecticut and New York. Here are the details to help your tax planning.
October 31, 2023
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Emergency Relief Program (ERP) phase one closed on December 16, 2022. Phase two opened on January 23rd and runs through June 2, 2023. The funds appropriated by Congress will be distributed through the Emergency Livestock Relief Program (ELRP) and the ERP. Regarding ELRP, the Farm Service Agency will release more information once they have finished its analysis on the 2021 drought and wildfire impacts on livestock producers.
January 30, 2023
As for tax updates, year-end 2022 is as good as any of the last few years. Some years we’re left dealing with changes that occur in January that are retroactive. This year, there are some last-minute things that are mostly good news. Here are the highlights.
December 26, 2022
The Employee Retention Credit (ERC) is a refundable tax credit that taxpayers could obtain by meeting a quantitative test for either a decline in revenues, or because their business was shut down wholly or partially due to a governmental order. This shutdown test includes “supply chain disruptions.” Today’s Tax Talk considers how the IRS views a supply chain disruption.
October 25, 2022
In the last Tax Talks, “Tax Strategies for 2022: Understanding Your Tax Liability,” we began to understand the importance of record keeping and tax planning early in the year. In today’s blog, we’ll continue to build upon that foundation as we discuss tax planning for cash basis reporting.
September 06, 2022