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Alyssa Hodges, CPA •

Do you have business operations in Vermont? The state has recently made some significant changes in how corporations will be calculating and filing their taxes. These changes will be effective for the tax year beginning on or after January 1, 2023.
 
What’s changing?
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Alyssa Hodges, CPA •

Last week Governor Sununu signed Senate Bill 435 which ends the double apportionment of Net Operating Losses (NOLs). The change goes into effect July 1st, but applies to businesses with tax years ending on or after December 31, 2022.
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For the first time since 2011, the IRS has increased the mileage rate mid-year to keep up with increasing gas prices. Effective July 1, 2022 both the business and the medical/moving mileage rates are increasing.

For taxpayers still waiting on refunds for 2020 and 2021, you may be waiting a lot longer! Janet Yellen, our US Treasury Secretary reported on June 7th that IRS is very understaffed using antiquated technology and is behind on processing 10.2 million individual returns.