News

Is it better to take the standard deduction or to itemize deductions? It depends on your situation. The standard deduction amount changes yearly and is based on filing status and age. Itemizing is more complicated but if your total deductions exceed the standard deduction, you might save significant taxes.

Please join us for a complimentary webinar in which our long-time outside employment counsel Nathan Baker from Barnes & Thornburg LLP will walk us through some key employment developments from last year as well as what we might encounter moving into 2022.

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.

Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. You’ll need to do more than just multiply last year’s numbers by a projected growth rate.

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.

The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remainder trust (CRT) can allow you to replicate many of its benefits.

The IRS will be sending out two letters to taxpayers in January. It is important than you retain these letters and provide your accountant with each letter. Entering incorrect advance child tax credit or economic impact payment amounts will cause delays in tax return processing and the issuance of refunds.

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

Please join us for a FREE webinar from Kemper CPA Group as we teach you to take a closer look at state taxes and how the new changes can impact your business.

The partners and staff at Kemper CPA Group LLP are pleased to announce a merger with Yettke & Rapp LLC, effective January 2, 2022. Yettke & Rapp LLC has been serving Champaign and surrounding counties since 1994, and the merger strengthens Kemper CPA Group’s presence in the Champaign-Urbana market. The staff from Yettke & Rapp will join the Kemper team, and the combined office will operate under the Kemper CPA Group LLP name.

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced other cost-of-living adjustments affecting dollar limitations for pension plans and retirement-related items for tax year 2022.