News & Resources

How Are Court Awards and Out-Of-Court Settlements Taxed?

  Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and

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IRS Releases Standard Mileage Rates for 2022

  Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per mile driven for business use (Increase of 2.5 cents compared to 2021) 18

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Year-End Reminder – Required Minimum Distributions

  The IRS recently issued a statement reminding retirees that required minimum distributions from retirement plans and IRAs should be taken by Dec. 31. Generally, required minimum distributions (RMDs) are minimum amounts that must be withdrawn annually from most retirement

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