Inflation Reduction Act of 2022

The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. Extension, Increase, and Modifications of Nonbusiness Energy Property Credit Before the enactment of the Act, you were allowed a personal credit for specified…

IRS Issues 2022 Standard Mileage Rates

The IRS issued Notice 2022-03 showing the updated calculations for optional standard mileage rates of operating an automobile for business, charitable, medical or moving purposes. This notice went into effect January 1st, 2022. A quick breakdown of these calculations are below and can be found on the official IRS website: 58.5 cents per mile driven…

Rebuild RVA – Small Business Grant Program

Rebuild VA Grant Fund (Rebuild VA) has expanded its eligibility criteria to allow more small businesses and nonprofits to apply. Any small business or nonprofit with $10,000,000 or less in gross revenue OR 250 or fewer employees may now apply. Additional information can be found here. Governor Ralph Northam announced the $70 million for small…