Your estate plan: Don’t forget about income tax planning

Wednesday, June 15, 2022
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.... Read More

IRS increases mileage rate for remainder of 2022

Friday, June 10, 2022
IR-2022-124, June 9, 2022WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.... Read More

Social Security benefits: Do you have to pay tax on them?

Wednesday, June 08, 2022
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends.... Read More

Calculating corporate estimated tax

Wednesday, June 01, 2022
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments.... Read More

GMP attends 2022 State of the City Luncheon as one of the main sponsors of the event

Friday, May 27, 2022
GMP attends 2022 State of the City Luncheon as one of the main sponsors of the event. ... Read More

Partners may have to report more income on tax returns than they receive in cash

Wednesday, May 25, 2022
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.... Read More

UT Tyler awards Kevin Cashion Distinguished Alumnus Accounting Award

Monday, May 16, 2022
Congratulations to our Partner, Kevin Cashion on receiving the “ UT Tyler Distinguished Alumnus Accoutning Award.” ... Read More

Businesses may receive notices about information returns that don’t match IRS records

Wednesday, May 11, 2022
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records.... Read More

Valuable gifts to charity may require an appraisal

Wednesday, May 04, 2022
If you donate valuable items to charity, you may be required to get an appraisal.... Read More

Once you file your tax return, consider these 3 issues

Thursday, April 14, 2022
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind.... Read More