Richard A. Huffman, CPA, MST Tax Partner The 2017 Tax Cuts and Jobs Act was passed under the tax neutral reconciliation rules and included a significant amount of tax law changes that begin to adjust this year. Here are the details as follows: 2022 Tax Year Changes Research and Development costs Through 2021 research and development costs could be immediately deducted for tax purposes but starting in 2022 are now required to be capitalized and amortized over five years for research conducted within the United States or fifteen years for research conducted outside of the United States. Research and
Read More
Monthly Archives August 2022
UPDATE: The Inflation Reduction Act of 2022
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The provisions included in the Act are intended to address the climate crisis, lowering prescription drug prices, and reduce the deficit – while being paid by several revenue raisers included in the bill. The Act has had undergone some amendments since first being announced late last month. The bill contains various income tax changes – the following is a summary of the final provisions that we feel will most likely impact you: Increased IRS Funding The Act calls for $80 billion to be
Read More
New Hire Joins WFY Tax Department
Wright Ford Young & Co. is excited to welcome a recent new hire. David Pak recently joined WFY’s tax department. We are pleased to have this new hire join our WFY team. David Pak In August, David Pak joined our tax department as Tax Staff. He graduated from CSU Fullerton this past summer majoring in Accounting. David interned with WFY last Spring and accepted his position with us as his first full-time accounting job. In his spare time, he enjoys going to church, playing tennis, and spending time with friends and family. Interested in joining WFY in one of
Read More
Information About The Inflation Reduction Act of 2022
On July 27, 2022, Senators Chuck Schumer and Joe Manchin announced an agreement to add the Inflation Reduction Act of 2022 to the current Budget Reconciliation bill – with a vote to be held this week. The bill includes several proposed revenue raisers and tax changes to fund initiatives aimed at lowering prescription drug prices, addressing the climate crisis, and reduce the deficit. Here is a summary of the proposed tax changes: Increased IRS Funding The Act calls for $80 billion to be invested in the IRS over the next ten years. With over 50% of this amount being appropriated
Read More