Diving Deeper into Complex Tax Law Changes
Last month, the Storen Financial tax team completed a two-day training session led by Tax Services Manager, Kim Storen. Over the course of this training, we focused on collaboration of processes, new tax law updates, forms and changes, and 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.
After three long years of COVID-19, 2022 was yet another eventful year. The IRS updated releases of the Inflation Reduction Act, new tax regulations, and new methods of reporting income on tax returns.
Hot topics from this training event included:
- Federal Net Operating Loss (NOL) changes
- Depreciating a vehicle vs. taking mileage
- Crypto income reporting and documentation
- New Energy Efficiency credits and changes
- Mileage mid-year rate changes
- Rental sales and depreciation changes
- New requirements for filing IN PPT returns
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.