IRS Dirty Dozen Scams: What You Need to Know
Scams. Fraud. Phishing. Being a victim of any one of these comes at a real cost to businesses and individuals, both financially and emotionally. Threats continue to rise, grow and…
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Big Changes Coming to Form 5500
In February 2023, the U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation released Federal Register Notices announcing changes to the 2023 Form 5500 Annual Return/Report of…
New IRS Guidance for Real Estate Developers
Executive Summary On January 27, 2023, the IRS released Rev. Proc. 2023-09, which provides new rules and conditions for determining when common improvement costs may be included in the basis…
Has Your Tax Bracket Changed in 2023?
The IRS has released the updated tax brackets, deductions and credits for the 2023 tax year. While tax filing for this year will not happen until early 2024, it is…
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….
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…