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 [...]
Inflation Reduction Act Becomes Law
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide [...]
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 [...]
Interview with Jeff Belingheri – Path to Partner
It’s summer and this means more to those who work in the accounting industry. This is the time between the two busiest seasons for us at B+Co. It is time for us to not [...]
Three Ways to Deduct the Cost of Business Property
Under current law, taxpayers have a variety of options for deducting some or all of the cost of property used in business rather than depreciating it over a period of years. Here's a quick [...]
Owning Investment Real Estate through Single Member LLCs
Over the years, Single Member LLCs (SMLLCs) have grown in popularity among investors and business owners because under the so-called check-the-box regulations, you can generally ignore the existence of a SMLLC for federal tax [...]