SJG Blog

Understanding the New Estate and Gift Tax Limits for 2023
Each year, the IRS sets the annual gift tax exclusion, which allows a taxpayer to gift a certain amount per recipient tax-free. For 2023, the IRS announced that the annual gift tax exclusion would increase to $17,000 per recipient—the highest exclusion amount ever. Married couples may gift up to $34,000

The Latest on the Corporate Alternative Minimum Tax
A new Corporate Alternative Minimum Tax (CAMT) was enacted when the Inflation Reduction Act was signed into law in 2022. The tax is expected to raise a significant amount of revenue for the government. Businesses and their tax and finance teams should now dig into the details of the CAMT

Energy-Related Tax Incentives for Businesses Under the Inflation Reduction Act (IRA)
The 2022 Inflation Reduction Act (IRA) included an array of tax credits to encourage businesses to invest in energy efficiency. Here are a few of the energy-related tax incentives that businesses may consider pursuing. Energy Efficient Commercial Buildings Deduction for Businesses Starting in 2022, the IRA expanded the energy efficient

Get Ready to File Taxes: What’s New for the 2023 Tax Filing Season
Tax season is here, and the last day to file taxes for 2022, or to file a tax extension, is Tuesday, April 18, 2023. Taxpayers requesting an extension will have until Monday, October 16, 2023, to file. What to Consider When Filing Your 2022 Taxes. Reporting rules changed for Form

Automobile Standard Mileage Rates – Business Use Increases for 2023
The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The standard mileage rate is often used by employers to calculate the amount to be reimbursed to employees for the mileage they drive

Understanding Filing Requirements for Forms in the 1099 Series
As we near the end of 2022, it’s time for businesses to review their year-end tax reporting requirements. Over the last few years, the Internal Revenue Service (IRS) has made significant updates to the Form 1099 series. While there are a number of different forms in the 1099 series, our