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The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was …

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Evaluating an ESOP from a succession planning perspective

If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer of …

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The Wide-Ranging Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It’s intended to reduce the U.S. deficit by about $300 billion. …

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Weigh the Pros and Cons Before You Hire Part-Timers

The number of part-time jobs in the United States has generally increased over the past couple of decades. As of June 2022, there were approximately 25 million part-time workers. Although some part-time employees would prefer a full-time position, many people choose to work fewer than 40 hours per week. Employing part-timers can provide financial and operational …

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Is it time for your business to fully digitize its accounts receivable?

With electronic payments and in-app purchases becoming so much the norm, many midsize to large companies have grown accustomed to software-driven accounts receivable. But there are some smaller businesses that continue to soldier on with only partially automated payment systems. If your company is still using paper-based processes, and suffering the consequences, it might be …

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Estimated tax payments: Who owes them and when is the next one due?

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment. When are …

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