Ryan Taylor, Partner Now that the calendar has turned over to 2023, I thought it would be beneficial to update you on IRS changes for 401(k) and IRA contributions. 401(k) contribution limit increases from $20,500 to $22,500 401(k) catch-up contributions for employees age 50 and over increases from $6,500 to $7,500 Annual IRA contribution limit...
keep readingStarting in 2018, businesses became subject to an annual business interest expense deduction limitation under code 163(j). This limitation is based on a percentage of adjusted taxable income (ATI). The ATI calculation begins with federal taxable income and has myriad additions and subtractions; two of the core addbacks to this ATI calculation historically have included...
keep readingThe Nebraska Higher Blend Tax Credit Act Application, Form HBTC-A, will be accepted beginning August 1, 2022. Nebraska retail dealers who sold and dispensed E-15 or higher ethanol blends of gasoline at their retail sites during the 2021 calendar year are eligible to receive refundable tax credits. Funds are limited. Complete applications, therefore, will be...
keep readingWednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income...
keep readingThe world of NOL (net operating losses) rules can be exasperating and confusing, but very useful when they can be applied. To fully utilize all the advantages of NOLs, here are a some of the critical rules we must consider when addressing your audit/tax strategic plan: + Under the TCJA – federal NOLs arising in...
keep readingR&D Credit Claims on Amended Returns There are new documentation requirements for R&D refund claims on amended returns filed after January 10, 2022. The purpose of the new documentation requirements is to initially determine the validity of the claim for an R&D refund credit before examining the claim on its merits.Now the taxpayer must: +...
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