Greetings from the Accountant’s Corner

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Here’s wishing all my readers a very prosperous and fruitful New Year filled with peace, joy and many blessings. This letter serves as a periodic, informative tax update. As we engage upon another tax filing year, believe it or not, there’s not much new tax legislation to discuss. Our last major legislative signing was the Secure 2.0 Act of 2022, signed into law on December 29, 2022 as part of the larger Consolidated Appropriations Act of 2023. The Secure 2.0 Act produced some enhancements to our qualified retirement plans. Prior to this, the last major tax legislation was the passage of the Inflation Reduction Act (I.R.A.) back on August 16, 2022, which provided us with some favorable energy tax credit incentives. Both legislative adoptions will have an impact on our 2023 & beyond tax years. These adoptions also extended some expiring tax benefits while allowing others to elapse. This article will briefly summarize those developments that I believe will have the greater impact on the majority of my readers. Please note however, that the specific details of these credits & developments come with limitations and are worthy of one-on-one conversations with your tax advisor:....Click Here for full article