Robert Ntume – Bregante+Company LLP

The Inflation Reduction Act of 2022

The Inflation Reduction Act (P.L. 117-169) of 2022 is a landmark United States federal law enacted by the 117th US Congress effective August 16, 2022. It aims to:

Curb inflation by reducing the deficit to fight inflation
Lower prescription drug prices and extend the expanded Affordable Care Act program to 2025
Invest in domestic energy production and manufacturing while promoting clean energy

Most of the outlays in the Act are devoted to incentives for green energy with a large share being in the form of tax credits for green energy. In some cases, the credits are extensions and expansions of current credits like:

Residential energy property
Energy-efficient homes & commercial buildings
Alternative fuel refueling property
Renewable electricity
Energy Investment
Carbon dioxide sequestration
Incentives for alternative energy
The extension (up to 2032), […]

By Robert Ntume|February 15th, 2023|Categories: BCo Community News|Comments Off

CalSavers Retirement Savings Program Final Registration Deadline is June 30, 2022

The CalSavers Retirement Savings Program is a by-product of state-mandated retirement legislation that was launched in July 2019 as part of a phased rollout over three years with the goal of improving the financial security of Californians working in the private sector. It is sponsored by the State of California, facilitated by businesses, and funded by employee savings.

This rollout phase applies to employers with 5 or more employees who do not offer a retirement savings plan, self-employed individuals, and others who want to save extra. Savers participate by contributing to a Roth Individual Retirement Account (IRA) that belongs to them via payroll deductions on a post-tax basis. An option is also available for CalSavers participants who want to recharacterize their account to a traditional IRA where contributions are made on […]

By Robert Ntume|June 16th, 2022|Categories: Announcements, Retirement Planning|Comments Off

IRS Increases Mileage Rate for Remainder of 2022

The high cost of gasoline has prompted the IRS to make a mid-year adjustment to the standard mileage rate for business travel effective July 1, 2022. The norm has always been to make this adjustment annually. The last time the agency made a mid-year adjustment to the rate was in 2011. The new rate will be 62.5 cents per mile, an increase of 4 cents from the prior amount. For more information please click here.

By Robert Ntume|June 15th, 2022|Categories: Announcements, IRS|Comments Off

Accounting, Taxation & Business Strategy

Building Service Partnerships Since 1976

About Robert Ntume

The Inflation Reduction Act of 2022

CalSavers Retirement Savings Program Final Registration Deadline is June 30, 2022

IRS Increases Mileage Rate for Remainder of 2022