by Admin | Dec 29, 2022 | Business Taxes, Individual Taxes, Tax Planning
The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on...
by Admin | Dec 28, 2022 | Business Taxes, Entrepreneurial, Individual Taxes
The Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax...
by Admin | Dec 27, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning
There’s an old saying that reminds us that there are only two certainties in this life: “death, and taxes.” Whoever coined that phrase couldn’t have known how true it was, particularly when it comes to the latter portion. The Internal Revenue...
by Admin | Dec 23, 2022 | Business Taxes, Entrepreneurial
Experts agree that a recession in both the United States and Europe is likely just on the horizon. Recessions can be stressful and uncertain times for even the strongest businesses out there – to say nothing of how difficult they can make things for younger and...
by Admin | Dec 15, 2022 | Business Taxes, Individual Taxes, Tax Planning
Virginia’s interest rates will change for the first quarter of 2023. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the first quarter of 2023 will be 7% for tax underpayments...
by Admin | Dec 15, 2022 | Business Taxes, Entrepreneurial
The possibility of a recession looms large. According to one recent study, approximately 20% of all small businesses that open their doors today will close within the first year. Of the number that survives, about 30% will close just one year later. By year five,...
