Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Biden Administration's FY 2023 Budget Plan Calls for Corporate, High-Net-Worth Individuals Tax Hikes

Posted by Jessica L. Pagan, CPA on Apr 21, 2022

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

Full Story

Posted in Tax Updates, Taxation

U.S. House Passes Bipartisan Infrastructure Bill

Posted by Marty Williams, CPA on Nov 11, 2021

The U.S. House of Representatives, in the late hours of Friday, November 5, 2021, passed H.R. 3684, the “Infrastructure Investment and Jobs Act,” in a 228 to 206 bipartisan vote. The Senate had approved the same version of the bill, which is now ready for the president’s signature, on August 10, 2021.

Full Story

Posted in Tax Updates, Tax News

Employers: The Social Security Wage Base Is Increasing in 2022

Posted by Michael D. Machen, CPA, CVA on Oct 26, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

Full Story

Posted in Tax Updates, Tax News, Taxation

Tax Code Changes Will Affect Your Paycheck

Posted by Michael D. Machen, CPA, CVA on Jan 04, 2018

The tax reform bill approved by Congress will take effect January 1, 2018, and your paycheck will be affected, but at this point, you may have to wait until February to see the change.

Full Story

Posted in Tax Updates

Tax Cuts and Jobs Act Bill

Posted by Lesley L. Price, CPA on Jan 02, 2018

On December 22, President Trump signed the Tax Cuts and Jobs Act bill into law.  The bill will impact virtually every individual and business on a level not seen in over 30 years. We have attached a summary of the key provisions. 

Full Story

Posted in Tax Updates

How Will the Proposed Tax Cuts and Jobs Act Impact You

Posted by Lesley L. Price, CPA on Nov 08, 2017

November 2, 2017, the House Ways and Means Committee Chairman, Kevin Brady, introduced a draft tax reform bill titled "Tax Cuts and Jobs Act." This proposed bill would overhaul the federal tax code with a majority of the provisions effective starting in 2018. Below is a brief summary of some of the proposed legislation.

Full Story

Posted in Tax Updates

IRS Warns of Fake Tax Bills

Posted by Michael D. Machen, CPA, CVA on Sep 26, 2016

On September 22, 2016, the Internal Revenue Service and its Security Summit partners issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.

Full Story

Posted in Tax Updates

Online Incentives Exchange (OIX)

Posted by Trisha Williams, CPA on Mar 10, 2016

By leveraging our membership in BDO Alliance USA,  Machen McChesney can offer greater technical knowledge in specialty areas such as Online Incentives Exchange ("OIX").  BDO is now a member of OIX – an online marketplace for buying, selling, and processing transferable federal and state tax credits.  Through its OIX membership, BDO is better able to match buyers and sellers of tax credits, streamline the transfer process, and minimize pricing uncertainty.
 
Full Story

Posted in Tax Updates

Do You Make Retail Sales To Entities That Are Exempt From Paying Sales, Use, Or Lodging Taxes?

Posted by Lisa Albritton on Feb 18, 2016

In most cases if you make retail sales of tangible personal property or lodging accommodations, you must collect and remit the applicable tax associated with that transaction. However, there are three types of customers that are tax-exempt:

Full Story

Posted in Tax Updates

Spotlight on: Fabricated Metals - More Manufacturers May Use R&D Credits Under Pending Legislation

Posted by Melissa Motley, CPA on Nov 18, 2015

Designed to encourage investment in innovation, R&D tax credits can sometimes be overlooked by fabricated metals products manufacturers, when in fact they are accessible to many small- and medium-sized manufacturers in the sector. It’s important to note that a company need not necessarily be producing an end product to qualify. Often, fabricated metals producers are engaging in projects aimed at implementing design, manufacturing or process improvement at the parts level. While many may not feel that such projects fall under the scope of R&D, many of the investments in improvement made by fabricated metals manufacturers to stay competitive in fact qualify as R&D from the government’s perspective.

Full Story

Posted in Tax Updates

Recent Posts

Returning_Value