Published .
The SECURE Act has increased the 401(k)-tax credit for business who start 401(k) benefit plans. Currently, the Secure Act allows eligible employers to qualify for a minimum of $500 tax credit and a maximum of $5,000 for each of the first three years of your plan’s existence. You qualify to … Continued
Typically, nonrecourse loans are not considered at risk for purposes of the IRC §465 at-risk limitations. An exception to the rule does exist though. When qualified nonrecourse financing is secured by real property used in the activity of holding real property, it can be considered at-risk. Personal property or services … Continued
WASHINGTON — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third … Continued
Published .
The qualified small business stock (QSBS) exclusion is a tax benefit that applies to eligible shareholders of a qualified small business (QSB). It was originally enacted in 1993 as a partial exclusion, and was later expanded to a 100% exclusion as part of the Small Business Jobs Act in 2010. … Continued
Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties with respect to 2019 and 2020 returns. The relevant penalties will be waived or, to the extent previously assessed, abated, refunded, or credited, as appropriate. Notice 2022-36 will be in IRB: 2022-36, dated 09/06/22. Notice 2022-36
Published .
Marriage may change certain tax-related issues, so it is important for newlyweds to understand the impact of marriage on their taxes and what needs to be done after the ceremony to ensure a smooth transition into married life. Newlyweds should consider the following tax-related issues after marriage: Name and Address … Continued
IRD Tax Deduction Income owed to a decedent at the time of their death is known as income in respect of a decedent (IRD). IRD assets may be a salary, IRA distributions, or unpaid interest and dividends, among other things. Although IRD assets are normally taxed at the ordinary tax … Continued
On April 29, 2022, the Oklahoma Health Care Agent Act was signed by Governor Stitt and became law in the state. The act codifies the right for Oklahomans to name an agent (power of attorney) of their choice to make healthcare decisions on their behalf. The act reinstates the rights … Continued
Advance Child Tax Credit The Internal Revenue Service began issuing advance Child Tax Credit letters to Taxpayers in late December and will continue throughout January. The letter will include the total amount of advance Child Tax Credit payments Taxpayers received in 2021 and the number of qualifying children used to … Continued
Published .
Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the … Continued
Mysock, Chevaillier & Birdsong, LLP
2021 S. Lewis, Suite 700
Tulsa, OK 74104
918.747.6099 FAX 918.747.6299
Email us