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Providing updates on tax, accounting, and even macroeconomic/geopolitical issues that affect individuals and businesses.
Is Congressional Leadership Looking to Defund the IRS?
I found the news reports about the house resolution that was passed by the House this week and the related bill that was introduced to be extremely interesting. The resolution declared solidarity with Israel and pledges to give the Israeli government the funding that it needs to defeat Hamas. However, the related bill that has…
The Seay Firm CPAs Extended Hours for Tax Season
Beginning January 31, 2022, The Seay Firm CPAs will have extended opening hours through tax season, which ends April 15, 2022. From now until the tax filing deadline, The Seay Firm’s operating hours will be as follows: Monday – Thursday, 7:00 a.m. – 7:00 p.m. Friday, 7:00 a.m. – 5:00 p.m. Saturday, 9:00 a.m. -…
RETAX: Repairs or Improvements?
In this second article in our series on real estate tax topics, I will discuss how to determine whether work performed on your real estate property is a repair or an improvement. The tax treatment for each is quite different, as discussed below. Why it’s important Many landlords complete work on their property under the…
Potential Tax Changes by Congress
Congress is looking at multiple potential changes in the tax law in 2021. Nothing is certain yet, but here are some areas where they seem to be focused: State and Local Income Tax (SALT) deduction – This itemized deduction item was capped a few years ago at $10,000. However, it appears congress is considering modifications…
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