RJI CPAs has recently learned that due to errors with the Franchise Tax Board (FTB) processing of passthrough entity tax payment vouchers, the FTB is erroneously issuing refunds of the
IRS offers penalty relief for 2019, 2020 tax years
While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in
Student Loan Relief Announced by President Biden
On August 24, President Biden announced a three-part plan addressing student loan debt. The three parts encompass the following: The Administration has already extended the student loan repayment pause several
Inflation Reduction Act of 2022 aka The IRS $80 Billion Funding Act
The Inflation Reduction Act (IRA) was signed by President Biden on August 12, 2022, purportedly to help reduce the country’s crippling inflation. Using the Tax Foundation’s General Equilibrium Model, they
CHIPS Act poised to boost U.S. businesses
CHIPS Act poised to boost U.S. businesses The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and
Businesses: Act now to make the most out of bonus depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available
Standard business mileage rate will increase for the second half of 2022
The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this
Proposed regs for inherited IRAs bring unwelcome surprises
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes
