401(k) Contribution Limits Increase to $22,500 for 2023, and IRA Limit Rises to $6,500

  The IRS is raising the bar on retirement savings by increasing the annual contribution limits to 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan.  To the plans just mentioned, participants [...]

By |November 9th, 2022|Categories: IRS, Retirement Planning|Comments Off on 401(k) Contribution Limits Increase to $22,500 for 2023, and IRA Limit Rises to $6,500

Inflation Reduction Act of 2022: Clean Vehicle Energy Credit

  With the recent passing of the Inflation Reduction Act, you can reap the benefit of a $7,500 tax credit on purchasing a new electric vehicle. The new law also includes guidance on purchasing used [...]

By |October 4th, 2022|Categories: BCo Community News, Individual Tax, IRS|Comments Off on Inflation Reduction Act of 2022: Clean Vehicle Energy Credit

IRS Announces Interest Rate Increases for the Fourth Quarter of 2022

  Beginning October 1, 2022, individual taxpayers can expect to see a 1% increase in interest rates for tax over and underpayments (taxes owed that are not fully paid). This 6% rate is an increase [...]

By |September 28th, 2022|Categories: Announcements, IRS|Comments Off on IRS Announces Interest Rate Increases for the Fourth Quarter of 2022

IRS Provides Broad Penalty Relief For Some 2019 and 2020 Returns

  The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice [...]

By |August 29th, 2022|Categories: BCo Community News|Comments Off on IRS Provides Broad Penalty Relief For Some 2019 and 2020 Returns

Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

  The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more [...]

By |August 2nd, 2022|Categories: Announcements, Business Tax, Individual Tax, IRS, Trusts and Estates|Comments Off on Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes
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