While most taxpayers strive to file honest tax returns, some try to defraud the government. In one case, a Miami man pleaded guilty to hiding more than $20 million in Swiss bank accounts for decades. In the complex case, the IRS… Read more »
Read Full Newsletter »Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings accounts that don’t affect eligibility for government assistance programs. The 2025 contribution limit is $19,000…. Read more »
Read Full Newsletter »Taxpayers living and working abroad have until June 16, 2025, to file their 2024 income tax returns and pay any tax due. This deadline applies to U.S. citizens and resident aliens, including those with dual citizenship. It includes those in the… Read more »
Read Full Newsletter »You filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within three years after your original return… Read more »
Read Full Newsletter »Managing payroll can be a major challenge for small business owners, especially as state and federal payroll tax regulations continue to evolve. Missteps in this area aren’t just minor hiccups — they can lead to significant financial penalties and operational… Read more »
Read Full Newsletter »Wrap Your 2025 RMDs to Charity If you’ve reached the age where you must take required minimum distributions (RMDs) from your IRAs and don’t need the extra income, making qualified charitable distributions (QCDs) might be a tax-smart move. Briefly stated,… Read more »
Read Full Newsletter »TechNet, a bipartisan group of tech executives from companies such as Apple, Amazon and Google, communicated its tax priorities to lawmakers in a recent letter. To encourage “innovation, spur economic growth and strengthen the global competitiveness of American businesses,” TechNet… Read more »
Read Full Newsletter »Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using… Read more »
Read Full Newsletter »If your business is in the market for new wheels this year, you should know the IRS has released the 2025 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2025, depreciation limits are as follows: $20,200… Read more »
Read Full Newsletter »To help encourage more people to save for retirement, the SECURE 2.0 Act requires employers with newly established 401(k) and 403(b) plans to enroll workers automatically, starting in 2025. Recently proposed IRS regulations stipulate that automatic enrollment is mandatory for… Read more »
Read Full Newsletter »A valuable business tax credit As of January 2025, the unemployment rate was reported to be 4%. Employers facing hiring challenges may benefit from a valuable one-time federal tax credit available through 2025. The Work Opportunity Tax Credit (WOTC) incentivizes… Read more »
Read Full Newsletter »2025 Depreciation limits for business vehicles, beware identity theft, Federal Tax News for Businesses, small business stock, tax treatment corporations
The Financial Independence, Retire Early (FIRE) movement is a hot trend among Millennials. The idea is to make money fast, save it and grow it quickly to retire as early as possible. This approach requires sacrifices. FIRE advocates recommend living… Read more »
Read Full Newsletter »Fill up your 2024 IRA If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as… Read more »
Read Full Newsletter »Profit-sharing plans (PSPs) have been around for decades. Employers may use them to attract and retain workers and incentivize employee productivity. However, PSPs have gradually faded into the background as 401(k) plans gained popularity. In today’s tight labor market, some… Read more »
Read Full Newsletter »If you’re establishing or buying a business with one or more other co-owners, consider implementing a buy-sell agreement to prevent unwanted ownership changes and ensure business continuity if an owner withdraws or dies. A properly drafted agreement can make your… Read more »
Read Full Newsletter »Buy Sell Agreements, Taxes for Businesses, Taxes for Businesses with Co Owners
Tax-deferred retirement plans, such as traditional 401(k)s and IRAs, were designed to make building up a retirement nest egg easier. So they’re structured with both carrots (tax-deferred compounding in the account) and sticks (taxes and sometimes penalties on withdrawals) to… Read more »
Read Full Newsletter »One of the most common misconceptions about filing an income tax return is the distinction between deductions and credits. Deductions lower a taxpayer’s taxable income before the tax is calculated. For instance, on an individual return, you can either claim… Read more »
Read Full Newsletter »Federal Tax for Individuals, Tax Credits, tax deductions, VWC CPA's
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