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It Is That Time of Year: BPOL Renewals

…Tax Time” How much are Virginia Businesses Paying in Taxes? Virginia Residency and Income Tax Requirements 2019 Tax Planning for Virginia Entrepreneurs and Executives [1] Surrounding counties as referenced herein…

Private Client Tax Services

Tax Provisions of the Biden 2023 Budget Proposals

…marginal tax rate would be increased from 37% to 39.6% Effective for tax years beginning after December 31,2022. The tax rate would apply to taxable income over $450,000 for married…

Tax Advantages for Virginia Manufacturing Companies

…subject to tax until the next tax year. Taxpayers must maintain documentation to support their claims as to idle equipment. Virginia Code Sec. 58.1-3660 provides an exemption from state and…

Tax Residency of Estates and Trusts

…Hampshire does not impose an income tax on non-grantor trusts. Virginia Residency Definition for Estates and Trusts On November 22, 2019, the Virginia Department of Taxation issued Tax Bulletin 19-7…

Proposed tax changes may impact Donor Advised Funds

…contributions to high income tax years for tax planning purposes and then let the funds grow and appreciate in the DAF indefinitely before being distributed to charities, ACE would require…

Overview of CAA 2021 Tax Provisions for Businesses

…situation is unique and you should speak with your tax advisor before making any decisions on these or other tax provisions. Tax Provisions Made Permanent and Extended Tax provisions made…

Overview of Virginia’s Pending Tax Changes for Pass Through Entities

…available. More PTE Tax and OSC Details Virginia SALT Cap Workaround (PTE Tax) The proposed legislation provides that a qualifying pass-through entity may elect for Taxable Year 2021 through Taxable…

Should I Contribute to a Standard 401(k) or a Roth 401(k)?

…future withdrawals are completely tax free. The younger you are, the better this planning technique as your retirement funds have longer to grow on a tax free basis. Having tax…

Individual Tax Provisions Contained in the CARES Act

…addition to the CARES Act’s provision for individual taxpayer recovery rebates, the new law provides individual tax relief. The following is a summary of some of the individual tax provisions…

Tennessee Franchise Tax Refund: Is Your Business Eligible?

…rate is $0.25 per $100 (0.25%) of the tax base, and there is a $100 minimum tax. This tax can be higher for in-state businesses versus out-of-state businesses. Is your…

2021 Education Expense Tax Planning and Savings Opportunities

…the taxpayer’s federal liability. The LLTC is a per-taxpayer credit. Only one LLTC may be claimed on each tax return. *If eligible students receive a qualified scholarship or employer provided…

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