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Accounting, Tax & Finance Articles

Welcome to our Resources section, where you will find articles on accounting, tax, and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

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A cash balance plan is a defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan.

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The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.

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The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why.

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If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment.

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The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently signed into law by President Biden on August 9, 2022. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. While the incentives themselves are narrowly targeted, the expansion of semiconductor production should benefit a wide range of industries. Check out our overview here.

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Maxwell Locke & Ritter has been named in INSIDE Public Accounting’s 32nd annual ranking of the largest accounting firms in the nation: the IPA Top 200. ML&R continues as the highest ranking Austin-based firm on the list.

The Tax Cuts and Jobs Act significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.

Qualified 401(k) plans have numerous mandatory tasks that must be performed during the plan year on a timely basis. Find out how our affiliate, ML&R Wealth Management, helps clients with these tasks and prevents any of these duties from slipping through the cracks.

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.

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 to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the February 2022 release of proposed regulations that have left many taxpayers confused and unsure of how to proceed.

Advice from Industry Experts

Our team includes specialists who have a proven track record of helping their clients reach their financial goals. For audit services, tax preparation, transaction advisory, IT security & compliance, wealth management, and 401(k) plan management, we can help answer your questions and get you on the right track.

Contact us today to see how we can help you reach your financial goals.

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