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Superfund Excise Taxes Reinstated July 1, 2022

Withum

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

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Superfund Chemical Excise Tax FAQ: What companies need to know

ThomsonReuters

Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA) passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. What is the purpose of the Superfund Chemical Excise Taxes? Are exporters being taxed?

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CPAs to Clients: The IRS is Coming for Cryptocurrency

CPA Practice

Crypto mining operations—the process of creating new digital coins—have unique tax issues because the rules aren’t clear if miners are taxed as cryptocurrency investors or business owners. There’s different tax implications depending on the answer to that,” Ms. Connolly said. And that’s just the beginning.

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Meeting the Staffing Demands: How Automation is Transforming Accounting Firms

CPA Practice

The demand for skilled tax practitioners in the accounting profession has never been more critical. It provides essential services due to the complexity of tax laws and the importance of offering valuable tax-saving advice to clients; and that’s just the tax half of the industry. By Richard Lavina and Ralph Carnicer.

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A New Retirement Plan for Skagit County Small Business Owners

SkagitCountyTaxServices

Tax season” is also nearing its end. But the truth is that tax season actually never ends for us. Since we work with so many Skagit County businesses, it’s perhaps obvious that there is far more to what we do than tax returns. percent by 2031. So the shutdown standoff has ended, for now.

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Superfund Excise Tax Is Catching Many Companies by Surprise

Withum

The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential liability. Even though the Superfund Excise Tax has been implemented in the past, it last expired over 25 years ago. billion of revenue.

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2022 Federal Budget Highlights

DMCL

While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was undoubtedly influenced by the recent announcement of a coalition with the NDP.