The Financial Accounting Standards Board issued new lease guidance to provide greater transparency and disclosure around companies’ lease portfolios, and the new standard significantly changes the accounting for certain leases compared to the old standard. There are many technical details that companies need to work through, and the post below provides a high-level overview of the key issues and steps to consider for your business.
In honor of #WomensHistoryMonth, we are so excited to shine the spotlight on Angie, our Cincinnati Office Managing Shareholder! Angie has been on the Brixey & Meyer team for over 5 years. To help us celebrate, we've asked Angie to answer a few questions...
The IRS issued the 2022 optional standard mileage rates which are used to calculate the deductible costs of operating an automobile for business purposes, charitable purposes, medical purposes or moving purposes.
This has obviously been anything but an ordinary year and it appears the Build Back Better Act will not be signed by December 31st. Any proposed legislation will most likely be effective beginning January 1, 2022. In 2021, Congress did pass the Infrastructure Investment and Jobs Act to spur the economy and help with our federal highways, highway safety programs, transit and other purposes. However, this bill had minimal income tax consequences.
We are so excited to introduce you to Steve, one of our newest team members! He is a Senior Manager in our Tax Services group making things happen in Cincinnati on the daily!
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.
Tax Rate Update
Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021.
The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.
This has obviously been anything but an ordinary year and tax guidance has been issued to provide some relief. In 2020, Congress passed the CARES Acts, in response to the pandemic, and many of these provisions will help mitigate the financial impact of the disease, which should be considered as part of your yearend planning to take advantage of them and the effects of the Secure Act to decrease 2020 income tax liabilities for individuals and businesses. Many of these provisions are quite complicated and probably require the expertise of our tax professionals, but there are steps which can be taken prior to yearend to minimize your tax liability.