Diving deeper into complex tax law changes
Last month, the Storen Financial tax team completed a three-day training session led by tax team lead Kim Storen. Over the course of this training, we focused on collaboration of processes, new tax law updates, forms and changes, along with common issues that directly affect our clients and their businesses. This event is one that we do every year, assigning team members specific areas of focus in order to dive deeper into complex tax law changes. The size of our team allows us to divide responsibilities and maximize each of their areas of expertise.
2021 was not another typical year, due to the effects of Covid-19, the IRS updated releases of the American Rescue Plan Act, new tax regulation, advance child credit and stimulus checks, all which caused changes in the way businesses operate on a day-to-day basis.
Hot topics from this training event included:
- How advanced child credit payments impact taxes
- Federal Net Operating Loss (NOL) changes
- Depreciating a vehicle vs taking mileage
- Crypto income reporting and documentation
- Charitable contributions and reporting
- Business owners that want to file their own PPT returns can now go online with Indiana’s PPOP-IN portal and file the 102, 103 and 104 forms to a central location. The county assessors will receive the returns from the state website.
- Taxpayers who file separately from their spouse, but make contributions to an Indiana529 Direct account, will now be able to claim up to a $500 credit starting on the 2020 IT-40 or IT-40PNR return.
- Indiana will not allow Indiana529 Direct plans to be used to pay for Student Loans. Indiana will penalize the taxpayer by making them pay back the Credit taken in earlier years and tax the earnings used towards Student Loans.
Our team is diligent about remaining up-to-date on the changing tax laws and will examine all of the tax-saving opportunities available to you. We are committed to minimizing your tax liabilities and maximizing your future opportunities—while remaining in full compliance with IRS statutes.
Have questions about income tax prep? We’ve compiled everything you need to meet your yearly tax requirement into a simple step by step process, as well as collected FAQs, resources and how-tos. Everything you need is here! Click here to learn more about our tax season resources.
Or click here to contact us with any questions you have.
Blog by Daniel Walters – Tax Accountant
Learn more about Daniel and the rest of the Storen Financial team here.