2023 Mileage Rate Increase
The IRS has released its regularly scheduled announcement for the annual increase in the standard mileage rate (Notice 2023-03). The 2023 standard mileage rate is now 65.5 cents per mile….
Blog
Combatting High Inflation with LIFO
Every taxpayer has felt the pain of soaring inflation in 2022 and there are no signs of relief coming soon. Taking advantage of the Last In First Out method (LIFO)…
Year-End Tax Planning for Businesses and Individuals
As we wrap up 2022, it is important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes. Though…
2022 Charitable Donation Considerations for Individual Taxpayers
With the end of 2022 fast approaching, now is the time to review the rules and planning considerations for charitable donations. This article will help individuals assess the limits and…
2023 IRS Pension Plan Limits
The Internal Revenue Service (IRS) published its cost-of-living adjustments for the 2023 tax year that will affect dollar limits for pension plans and other retirement-related taxes. To learn more about…
Texas Travel Industry Grant Program
The Texas Travel Industry Grant Program, an initiative from the Office of the Governor, provides grants to businesses in the tourism, travel and hospitality industry that were negatively impacted by…
New Chemical Excise Taxes Affect Multiple Industries
By Alex Smith, CPA Certain chemical excise taxes that last saw the light of day back in the mid-1990s, are back and could apply to many more companies than just…
What You Need to Know About the IRS Mileage Rate Increase
By Alex Smith, CPA In an unusual step, the IRS increased the standard mileage rate to 62.5 cents per mile for the second half of 2022, effective July 1, 2022…
New Auditing Standard for Employee Benefit Plans – One Year Later
In 2019, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board issued Statement on Auditing Standards (SAS) No. 136, which is effective for audits of financial statements for…
Recovery Rebate Credit – How Much Can I Claim for 2021?
By Alex Smith, CPA Some taxpayers received letters from the White House in December 2021 or January 2022 telling them they may be eligible for an additional direct payment from…