In The News

Thank you Note from IRS to Tax Practioners on January 29, 2024


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PROPOSED Tax Relief for American Families and Workers Act of 2024

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P&L Welcomes Jennifer Stone, CPA


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We're spreading a little holiday cheer around the office today with Ugly Sweater Day!


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* Estate & Gift Tax Threshholds

The federal estate top tax rate is 40%.   The Federal estate tax exemption is $12,920,000 for 2023.   The exemption for 2024 is $13,610,000.  The annual gift exclusion is $17,000 in 2023 and $18,000 in 2024.

The NYS estate basic exclusion amount was $6,580,000 for deaths in 2023.  The exemption for 2024 is $6,940,000.  The top tax rate is 16%. 

 

 

 

 

 


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* 2024, 2023, and 2022 Pension Plan Limitations & SS Wage Base

2024, 2023, and 2022 Pension Plan Limitations & Social Security Wage Base


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* State Unemployment Insurance Taxable Wage Base

 
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* Section 179 and Bonus Depreciation

For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits.   As with all tax regulations, there are stipulations and exceptions.   Please call us with any planning we can assist you with.
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2023 YEAR-END TAX PLANNING

Planning Strategies and Techniques Available Through End of Year
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IRS Halts Employee Retention Credit Processing Amid Fraudulent Claims

WASHINGTON —
Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from scams.
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* We are proud to announce that Jordan Sladish, Brynn Naylor, Julianna Mushalla and Janet Avery have passed the CPA exam


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Amy Carson and Brittany Brovetto Promoted to Senior Accountant


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Consolidated Appropriations Act, 2023 including Secure 2.0 Act of 2022

President Signs Omnibus Bill; Including Secure 2.0 Act of 2022
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Inflation Reduction Act of 2022 Signed into Law

President Signs Scaled Back Reconciliation Bill Into Law
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of
2022 into law. The bill was passed by Congress after a 220-207 vote in the House
on August 12, 2022.


Michael J. Nicolini, CPA Promoted to Senior Accountant


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* PNL Triennial Peer Review Results

We were notified by the Peer Review Committee Reporting Acceptance Body that our most recent triennial peer review report with a pass rating was accepted.  A "pass" rating is the highest form of rating a CPA firm can receive.
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President Signs $1.9 Trillion Bill Into Law

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021
into law.
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Coronavirus Aid, Relief, and Economic Security (CARES) Act


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The Tax Cuts and Jobs Act


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