Give Your New Business a Strong Start Many people dream of being their own bosses. If you’re hoping to launch a business, get off to a strong start by making good decisions. For example, which business structure will you use… Read more »
Read Full Newsletter »business tax, Federal Tax, Title: Federal Tax News for Businesses
Attention: Your businessmay soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their “beneficial owners” —… Read more »
Read Full Newsletter »Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and services. However, crypto transactions have important federal tax implications that may not be well understood by everyone. Here’s an update on… Read more »
Read Full Newsletter »cryptocurrency, Defining Cryptocurrency, Reporting Crypto Purchases and Payments, Reporting Crypto Receipts, What Taxpayers Need to Know
Tax Scams are Year-Round Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve… Read more »
Read Full Newsletter »cryptocurrency, Federal Tax News for Individuals, Gambling Winnings, IRS Deadlines, Post-High School Costs, Tax Scams
If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you don’t take RMDs, you’ll be hit with an expensive federal tax penalty, unless an exception applies…. Read more »
Read Full Newsletter »10-Year Account Liquidation, Changes to the RMD Start Date, Reduced Penalty for Failure to Take RMDs, SECURE Act, tax-favored retirement account, Update on Retirement Account RMDs
Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have various responsibilities to meet as you wind down, including some… Read more »
Read Full Newsletter »C Corporations, Federal Tax Obligations, Federal Tax Obligations When a Business Shuts Down, Income Tax Requirements, Medicare Tax, Pass-through Entities, Records Retention, Single-Member LLCs, Social Security tax, Sole Proprietorships
Avoid Last-Minute Tax Filing Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last… Read more »
Read Full Newsletter »Avoid Last-Minute Tax Filing, Be on the Lookout for a New Fraud Scam, Federal Tax News for Individuals, Revised Dates for Required IRA Distributions, Some Tax Help with the Cost of Kids, What can Happen When Taxes Go Unpaid?
Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to… Read more »
Read Full Newsletter »Establish a Tax-Favored Retirement Plan, Maximize the QBI Deduction, Midyear Tax Planning for Small Businesses and Owners, Take Advantage of Generous Depreciation Tax Breaks, Time Business Income and Deductions for Tax Savings, Which Purchases Are Eligible for Sec. 179 Deductions?
What Certain IRS Notices Mean What does it mean if a business receives a Notice CP2100 or CP2100A from the IRS? These notices tell recipients that the Form 1099 information returns they’ve submitted contain missing or incorrect Taxpayer Identification Numbers,… Read more »
Read Full Newsletter »Advanced Manufacturing Investment Credit, Federal Tax News for Businesses, Good Records for Businesses, IRS Notices, New Corporate Alternative Minimum Tax, tax news
Many businesses maintain life insurance policies on their owners or employees for estate planning, buyouts and various other business purposes. To receive the maximum tax benefits from business-owned life insurance, though, you need to understand the IRS rules and requirements. Basic… Read more »
Read Full Newsletter »Business-Owned Life Insurance, Exclusions from Income, How to Reap the Tax Perks of Business-Owned Life Insurance, Tax Perks
Inflation is generally bad news. But a favorable side effect is bigger annual inflation adjustments to federal tax breaks. In fact, many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are… Read more »
Read Full Newsletter »Estate Tax Breaks, Federal Gift, Generation-Skipping Transfer Tax, Gift Tax Exclusion, Inflation Boosts, Inflation Boosts Federal Gift and Estate Tax Breaks, Inflation-Adjustment Basics, Noncitizen Spouses, Unified Federal Gift and Estate Tax Exemption
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on… Read more »
Read Full Newsletter »Are Your Social Security Benefits Taxable?, filing jointly, Income Reduction Strategies, Individual Tax, Married, Proceed with Caution, Social Security Benefits, Tax Triggers
Proactive business owners always have an eye on the future. And part of that preparedness means knowing what the company is currently worth and doing everything possible to maximize that price. Operating in a sale-ready state can be worthwhile, for example,… Read more »
Read Full Newsletter »3 Approaches, Cost (or asset-based) approach, Cost Approach, Estimating the Value of Your Business Today, Income approach, Key Value Drivers, Market approach, Reasons to Value a Business, Standard of Value
Tax Help for College Expenses Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities that… Read more »
Read Full Newsletter »Charity Status and Donating, Federal Tax News for Individuals, Health Savings Accounts for 2024, Individual Tax, Overlooked Deductions and other Tax Errors, Tax Help for College Expenses, Taxability of Disability Income
What to Do if You Missed the Tax Day Deadline Did you miss the 2022 tax filing deadline? For most taxpayers, that was April 18, 2023. Taxpayers who are expecting a refund won’t be penalized for late filing. But those… Read more »
Read Full Newsletter »Deducting Casualty Losses, Federal Tax News for Individuals, Individual Tax, IRS Plan for Spending Audit Money, Missed Tax Day Deadline, Social Security Wage Base Rises, When the IRS Wants to Talk to You
If you’re planning to move out of your current home, you face a tough question: Should you sell your home, or would it be more beneficial to convert it into an income-producing rental property? In terms of both selling prices and… Read more »
Read Full Newsletter »3 Taxpayer Friendly Exceptions to the PAL Rules, Beware of PAL Rules, Converting a Home to a Rental Property, Material Participation Standard, Real Estate Professional, Rental Property Write-Offs, Section 1031 Exchange Option, Short-Term Rentals, Small Landlord, tax implications, Tax Treatment of Rental Property Sales, Taxable Income from Rental Properties, To Rent or Not to Rent?
The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return or 2) the date on which you file your taxes. While… Read more »
Read Full Newsletter »Bills and Receipts, Federal Tax Records, Investment Account Statements, Real Estate Records, Resist the Urge to Purge after Filing Your 2022 Tax Return, State Tax Records
Businesses Targeted for Identity Theft The IRS is warning businesses that they may be prime targets for identity theft. How do you know if your company’s identity has been stolen? According to the IRS, you should investigate if you receive… Read more »
Read Full Newsletter »A Proposed New Way to Report Tips, A Scam Involving Employee Retention Credits, business tax, Business vs. Hobby: Protect Your Tax Deductions, Businesses Targeted for Identity Theft, Deduct the Cost of Seeking New Business, Federal Tax News for Businesses
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you’re confused about what rules currently apply, you’re not alone. Here’s a refresher on what’s currently deductible — and what’s… Read more »
Read Full Newsletter »50% deduction for business meals, business tax, Deductions, Favorable Exceptions, Federal Income Tax, food and beverage costs, IRS Regulations, Meals vs. entertainment, Meals while traveling, TCJA Impact, Update on Deducting Business Meal and Entertainment Expenses