Inflation Reduction Act

One of the provisions of the Inflation Reduction Act signed into law by President Biden creates a 15% minimum tax on Corporations that generate revenue of $1B or more. Below are a few excerpts from an article published on CNBC. Companies that make more than $1 billion a year will now have to pay a

529 College Savings Plan

Great news on the horizon for grandparents who contribute to 529 college savings plans for their grandchildren. These payments will no longer reduce financial aid potential. This is great news. For full details and additional potential tax advantages see article.

Taxes on your IRA

The assumption is that you will be in a lower tax bracket when you retire. For many that may not necessarily be the case. Great article to review. Also, it never hurts to speak with your financial advisor to make sure you have a plan in place that is right for you.

Backlog Update

We had posted on January 28th that the IRS had a backlog of approximately 8 million tax returns for 2020 (filing period 2021). Well it looks like its far more worse.

New SBA Loan Forgiveness Information

If you only received a partial forgiveness on your PPP loan please take a look at this article. Please contact the Foster & Dolleck, CPA’s team if we can be of any service 402-391-7030 or