By Bennett Allison, CPA and Gabriela Mandiuc, CPA The annual gift tax exclusion was increased on January 1, 2022 from $15,000 to $16,000. The IRS officially announced the increase in Revenue Procedure 2021-45. While the increase is relatively minor and only reflects annual inflation adjustments, it reminds us what a powerful tool the gift and …
By Gabriela Mandiuc, CPA and Bennett Allison, CPA Maximizing deductions is an essential part of income tax planning. In recent years, 100 percent bonus depreciation has proved to be one of the most effective ways to generate serious deductions through the purchase of fixed assets. Here are a few details related to this valuable deduction: …
The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13 percent for the year ending November 30, 2021, according to auto industry survey sources. Kelley Blue Book reports that the biggest jumps in new car prices were seen …
The San Antonio Business Journal writes about our new Managing Shareholder, Jeff Jackson, the continuing role of Jeff Albrecht, our firm’s bright future, and our newest shareholder, Joel Griffith. “What we want to do is have challenging and fairly complex work to keep the employees challenged, to keep ourselves challenged,” Jackson said. “The laws are challenging in and of …
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions. Unfortunately, some commission-compensated employees may be tempted to abuse this system by falsifying sales or rates. Fraud methods …
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind …
The IRS has announced the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, insurance, …
By Bennett Allison and Gabriela Mandiuc The choice of tax structure is a question frequently posed to CPAs. Should I operate as a sole proprietor, a partnership, an S corporation, or a C corporation? It can be confusing and somewhat overwhelming. Establishing a C corporation qualifying under IRC Sec. 1202 for gain exclusion treatment may …
The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here are the basic federal tax rules for these transactions. Beware: Quite a few …
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage …
