The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2019, showing the number of taxpayers, adjusted gross income, income tax paid, and income tax shares by income percentiles.[1] The new data outlines the tax system under the second year of the Tax Cuts and Jobs Act (TCJA), the last...Read More

Breaking up and starting over? The White House and Senate Democrats want to revive talks on President Biden’s Build Back Better (BBB) agenda for climate and social spending. In a press conference last week, Biden acknowledged that the massive bill would likely need to be broken up. West Virginia Sen. Manchin wants a “clean sheet...Read More

You’ve just stepped into the world of entrepreneurship. Whether you opened your own online boutique, began freelancing your graphic design skills, or drove for a ride-share company, you have a variety of tax implications to consider – and some of them can slim down your tax bill. Before learning about the ins and outs of...Read More

Filing your taxes for the first time can be intimidating. There’s a good chance you’ve heard people complain about having to file their taxes in the past, so it’s normal to be feeling a little apprehensive. But don’t stress! Filing taxes for the first time isn’t nearly as complicated as you might think. Most first-time...Read More

Like all healthy relationships, strategic partnerships thrive through give and take. By contributing skills and resources their business partner lacks, both parties expand their overall ability to create value. For many accounting firms, this could lead to new services being delivered or access to alternative market segments — both vital at a time when average...Read More

Ask Larry Economic Security Planning, Inc. Today’s Social Security column addresses questions about whether a new application is necessary to receive retirement benefits after taking spousal benefits, taking early survivor’s benefits before retirement benefits and when Social Security considers you to be 70. Larry Kotlikoff is a Professor of Economics at Boston University and the...Read More

Florida Governor Ron DeSantis (R) knows how to make a splash, and his proposal to suspend the state’s gas tax—temporarily, but without a specific end date—will only burnish that reputation. Citing rising prices at the pump and the state’s substantial revenue surplus, the governor is calling upon the legislature to take the state’s gas tax...Read More

The Senate is likely to take at least a month to “Build Back Better.” The Senate is start on its version of the Build Back Better (BBB) tax and spending package the House passed on Friday. The Senate is almost certain to make changes. Among the most contentious issues: The fate of the $10,000 cap...Read More

The families of roughly 60 million children received their first installment of the enhanced Child Tax Credit payments on July 15. We’re here to bust some of the common misconceptions surrounding the payments. 1. You can keep these payments. Many families have expressed concern over keeping the money fearing they’ll have to pay it back...Read More

How can you know when your firm should offer advisory services? Let’s take a look at the different changes you might be experiencing, and how offering advisory services is a great response. Client expectations are changing Clients have ever changing needs. As their needs change, your firm needs to be willing to adapt to do...Read More