Businesses: Act now to make the most out of bonus depreciation

We keep you updated with the latest news from Martin Hood and helpful information whenever there is a change to employment or tax laws.

Businesses: Act now to make the most out of bonus depreciation

July 21, 2022

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…

Standard Business Mileage Rate Increase

July 7, 2022

Standard Business Mileage Rate Increase

Standard business mileage rate will increase for the second half of 2022 The IRS recently announced that it’ll increase the standard mileage…

IRS Announces Pre-Examination Retirement Plan Compliance Pilot Program

June 27, 2022

IRS Announces Pre-Examination Retirement Plan Compliance Pilot Program

The IRS has announced a pre-examination compliance program for qualified retirement plans, including 401(k) plans. Under this pilot program, which begins this…

Illinois CPA Society Announces May 2022 Strategy Academy Graduates

June 24, 2022

Illinois CPA Society Announces May 2022 Strategy Academy Graduates

SOURCE: https://www.icpas.org/about-us/press/press-release-details/2022/06/21/illinois-cpa-society-announces-may-2022-strategy-academy-graduates CHICAGO, June 21, 2022 – The Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is proud to announce its…

Management & Tax Concepts – Summer Edition

May 23, 2022

Management & Tax Concepts – Summer Edition

Take a look at the Summer Edition Management & Tax Concepts. Here’s a brief glance at what you’ll find in the Summer…

Tax Filing Update – K-2/K-3 Filings for Partnerships (LLC) and Subchapter S Corporations

February 18, 2022

Tax Filing Update – K-2/K-3 Filings for Partnerships (LLC) and Subchapter S Corporations

As we had hoped, the IRS finally issued guidance that is relaxing its rules for domestic pass-through entity K-2/K-3 filings for Partnership…

Tax Filing Update – Partnerships and Sub S Corporations

February 11, 2022

Tax Filing Update – Partnerships and Sub S Corporations

The IRS recently issued new instructions for partnership (LLC) and Subchapter S income tax filings that expand the 2021 reporting requirements to…

2022 Tax Calendar

February 7, 2022

2022 Tax Calendar

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments…

1099-MISC & 1099-NEC Filing Deadlines

January 5, 2022

1099-MISC & 1099-NEC Filing Deadlines

Happy New Year!  We hope that you were able to enjoy the holidays. Here at Martin Hood we are already thinking about…