Planning strategies and techniques available through end of year
Piaker & Lyons, PC is hosting a winter hat/glove drive for Young Wonders Childcare. If you wish to donate, we have a bin in our front office. We plan to deliver on October 31, 2022. (view article)
President Signs Scaled Back Reconciliation Bill Into Law
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of
2022 into law. The bill was passed by Congress after a 220-207 vote in the House
on August 12, 2022.
Summary Review of 2021 Tax Year
The federal estate top tax rate is 40%. The Federal estate tax exemption was $11,700,000 for 2021. The exemption for 2022 is $12,060,000. The annual gift exclusion was $15,000 in 2021 and $16,000 in 2022.
The NYS estate basic exclusion amount was $5,930,000 for deaths in 2021. The exemption for 2022 is $6,110,000. The top tax rate is 16%.
For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.(view article)
We were notified by the Peer Review Committee Reporting
Acceptance Body that our most recent triennial peer review report with a pass rating was
accepted. A "pass" rating is the highest form of rating a CPA firm can receive.(view article)
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021
into law.(view article)
* Section 179 and Bonus Depreciation
SECTION 179 LIMITS
The following summarizes the historical annual maximum allowable Code Sec. 179 deduction (i.e., dollar limit):
Code Sec. 168(k) provides a first-year bonus depreciation deduction for qualifying property.
A 50% rate applies to property acquired from 2012 through 9/27/2017
A 100% rate applies to property acquired after 9/27/17 and before 1/1/23
Piaker & Lyons has over 70+ years with the community. We are well-established, multi-site regional independent certified public accounting firm committed to providing our clients with responsible, value-added services.
We provide a full range of services including:
We pride ourselves on our vast community involvement. Collaborating with community members and to advocate and strengthen meaningful community relationships.
To View a list of our current commitments.
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