Tax laws are always changing, making it hard to know if you are filing correctly or getting the maximum return you possibly can. Our team stays current on yearly changes to the minutiae of personal and business tax filings, so our clients not only maintain compliance but maximize their savings or return.
See some of the most relevant recent updates to tax law and contact our team to learn what these changes mean for you.
There were some recent changes and developments to the Electric Vehicle Tax Credits. Effective August 16th, 2022, the IRS has reintroduced some tax credits but now added limitations on who may qualify.
Here are a few links with more information:
https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d
In March 2021, the American Rescue Plan Act of 2021 (ARPA) was signed into law. It included changes to how families received their Child Tax Credit. Some families can now receive half their benefit as a monthly payment before filing their tax returns.
The Senate passed the Infrastructure Investment and Jobs Act (H.R. 3684) in August 2021, removing business owners' access to the expected fourth-quarter Employee Retention Credit for 2021.
Read a summary of the American Rescue Plan Act of 2021 (H.R. 1319) for businesses. The Small Business Administration will process grants for restaurants and other food and beverage businesses that are impacted by current economic conditions.