BLS Insights

Category: New Regulations

Standard Business Mileage Rate Increased for the Second Half of 2022

July 11, 2022

You may have already heard, but we wanted to send a reminder that the IRS increased the standard mileage rate for qualified business driving for the second half of 2022. … Continued

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Proposed Regs for Inherited IRAs Bring Surprises

July 05, 2022

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes … Continued

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IRS Eases Schedules K-2 and K-3 Filing Requirements for 2021

March 07, 2022

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and … Continued

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New Tax Reporting Requirements for Payment Apps

February 15, 2022

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square, or PayPal, you could be affected by new tax reporting requirements that take effect … Continued

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U.S. House Passed the Build Back Better Act – Waiting for the Senate to Weigh In

November 29, 2021

On November 19, the U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213. While we are waiting for the Senate to vote … Continued

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American Rescue Plan Act – What we know so far

March 19, 2021

On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion bill is extensive and we have outlined important details for our … Continued

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