Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

April 11, 2023

REMINDER: The April 18 Deadline Is Next Week

Next Tuesday, April 18, is Tax Day. If you have not yet given us your information, please do so as soon as possible. Although we cannot guarantee anything that has come in after March 8 will be filed without...

April 4, 2023

Hiring? You May Be Eligible for a Valuable Tax Credit

If you are looking to hire, you should be aware of a valuable tax credit for employers hiring individuals from one or more targeted groups. The Work Opportunity Tax Credit (WOTC) is generally worth $2,400 for each eligible employee...

March 30, 2023

What are the Tax Implications of Modifying International Supply Chains?

Over the last several years, unprecedented supply chain disruptions caused by both the pandemic and geopolitical stress have affected the global availability of raw materials, finished goods, labor, and talent. These issues have increased prices for businesses and consumers...

March 21, 2023

Understanding Net Working Capital Is Vital for a Smooth Transaction

At Mowery & Schoenfeld, our Transaction Advisory Services practice focuses on deals in the lower middle-market, which we define as companies between $1M and $10M of EBITDA. About 80% of our engagements support buyers of these businesses by providing...

March 15, 2023

Pump Up Tax Savings With the Fuel Credit

Companies hoping to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. It’s available for federal tax paid on fuel used for nontaxable purposes. When does the federal fuel tax apply? The federal fuel...

March 8, 2023

Reminder: March 15 Is the Tax Filing Deadline for S Corps and Partnerships

Wednesday, March 15, 2023 marks the filing deadline for S Corporations and Partnerships. This year’s tax deadline for individuals, trusts, estates, gift, and C corporations will be Tuesday, April 18, 2023. Do I have to pay if I plan...

February 28, 2023

Beware the Five-Year Rule for Roth IRA Withdrawals

What makes Roth IRAs so appealing? Primarily, it’s the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules you must follow, including the widely misunderstood five-year rule. Three types of withdrawals...

February 23, 2023

How the SECURE Act 2.0 Affects Your Employee Benefit Plan

The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 was passed by Congress on December 23, 2022 and signed by President Biden on December 29, 2022. The SECURE Act 2.0 is an expansion of the original SECURE...

February 15, 2023

Architects, Designers, and Engineers Can Benefit From the Expansion of the IRC 179D

The EPAct 179D Tax Deduction was introduced in 2005 with the intention to drive commercial building owners and designers of tax-exempt buildings to reduce their energy use. By enabling building owners to claim a tax deduction for installing qualifying...

February 2, 2023

What Is a Permanent Establishment?

A permanent establishment (PE) is an international tax treaty concept important for any business undertaking activities in foreign countries to understand. Ultimately, whenever a company has a PE in a different country, it effectively creates a taxable presence in...

February 1, 2023

It Pays to Think About How Taxes Fit into Your Retirement Planning

What type of plan should you invest in? When should you start taking distributions? What are the tax consequences? Whether you’re just starting to think about retirement planning, are retired already, or are somewhere in between, addressing the relevant...

January 24, 2023

An Alternate Valuation Date Can Reduce Estate Tax Liability

If you have money invested in the stock market, you’re well aware of potential volatility which can affect your net worth—thus affecting your lifestyle. Something you might not think about is the potential effect on your estate tax liability....

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals