…a head of household; and $80,000 for all other taxpayers. Child Tax Credit Expanded for 2021 Before ARPA, the child tax credit (CTC) was $2,000 per “qualifying child.” A qualifying…
Update: The requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for partnership tax years beginning in 2019 but will be effective…
…tax years beginning after 2017 could no longer be carried back to a prior tax year of the taxpayer. Instead, they must be carried forward to offset 80% of taxable…
…Local Tax Deduction Taxpayers are limited to claiming a state and local tax deduction of up to $10,000 ($5,000 for married taxpayers filing separately) for the aggregate of: (i) state…
…subject to one level of tax when the gain passes through to the members. A C Corp may be subject to less favorable tax rate when paying tax on the…
…15 years. Taxpayers can claim the credit against the following taxes administered by Virginia Tax: Individual income tax Fiduciary income tax There is a $5 million cap in available credits…
Does your nonprofit qualify for Virginia sales tax exempt status? Being a nonprofit and exempt from taxes seems to go hand-in-hand. However, in Virginia, exemption from sales tax is not…
…illness Under current law, an additional 10% tax applies to early distributions from tax-preferred retirement accounts. Section 326 provides an exception to the tax in the case of a distribution…
Overview of Virginia tax credits for businesses Strategic tax planning often involves using tax credits to lower taxes. Virginia offers a variety of tax credits to promote state investment and…
…KPMG “US Tax Court Decision Opens Limited Partners to Self-Employment Tax Exposure” | Morgan Lewis “Tax Court Rules That Limited Partners May Be Subject to Self-Employment Tax” | Troutman Pepper…
Insights on this year’s tax regulation changes At this year’s Fall Seminar event, Keiter Opportunity Advisors shared their insight on the latest updates to accounting regulations. Tax Partners Vince Nadder,…