IRS delays new reporting rule for online payment processors
The IRS is delaying the $600 Form 1099-K reporting threshold for third-party settlement organizations for the 2023 tax year.
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Outlook
News, views, and ideas shaping the future.
Mary Pat Brady
Nov 30, 20233 min read
Is your entity subject to the new BOI reporting rules?
If your business can be defined as a “reporting company” under the CTA, you may need to comply with new BOI reporting rules starting in 2024
Sarah Dmytryk
Nov 29, 20232 min read
Solving the riddles of succession planning for family businesses
Many family business owners encounter seemingly insurmountable problems when developing their succession plans, but there are solutions.
Mike Hawkins
Nov 17, 20234 min read
5 strategies to cut your company’s 2023 tax bill
Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.
Bailey Crane
Nov 15, 20233 min read
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do.
Avleen Marwah
Nov 14, 20235 min read
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax
Take these 2024 cost-of-living adjustments into consideration as you work on your year-end tax planning.
Janie Evans
Nov 13, 20233 min read
A cost segregation study may cut taxes and boost cash flow
Ever heard of a cost segregation study? Here’s how it can help accelerate depreciation deductions on the building that houses your enterpris
Brian Stautberg
Nov 9, 20234 min read
Take action now to reduce your 2023 income tax bill
Concerned about your 2023 tax liability? Consider these year-end tax planning strategies.
Michelle Grant
Nov 7, 20233 min read
Choosing a business entity: Which way to go?
Choosing the best entity for your business is a multi-faceted decision. Here’s a look at the some of the considerations.
Victoria Ma
Oct 31, 20233 min read
New per diem business travel rates kicked in on October 1
The IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the basics of these rates.
Mike Hawkins
Oct 24, 20232 min read
Facing a future emergency? Two new tax provisions may soon provide relief
Starting next year, employers with certain retirement plans can allow staff to contribute to pension-linked emergency savings accounts.
Rose Wilson
Oct 23, 20232 min read
The Social Security wage base for employees and self-employed people is increasing in 2024
Certain business owners & some of their employees don’t have to pay SS tax on all their wages. The SSA has announced the 2024 wage base.
Greg Popovich
Oct 17, 20232 min read
Are scholarships tax-free or taxable?
If your child is fortunate enough to get a scholarship, is the amount taxable income? For some, yes, but there’s good news for most families
Chris Collins
Oct 17, 20232 min read
Business automobiles: How the tax depreciation rules work
Complex calculations are involved in claiming depreciation deductions for business use of a passenger automobile. Here are the basic rules.
Mary Pat Brady
Oct 11, 20233 min read
A refresher on the trust fund recovery penalty for business owners and executives
Business owners, their leadership teams and even advisors may be held liable under the trust fund recovery penalty rules. Here’s a review.
Jamie Applegate
Oct 10, 20232 min read
The tax implications of renting out a vacation home
If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals.
Gwen DiMeo
Oct 3, 20233 min read
Casualty loss tax deductions may help disaster victims in certain cases
Through 2025, the rules for deducting personal casualty losses on a tax return changed. But, you may still be able to claim a deduction.
Wally Khoury
Sep 26, 20232 min read
What are the tax implications of winning money or valuable prizes?
There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
Chris Luckhaupt
Sep 18, 20239 min read
IRS halts ERC processing for 2023
As of September 14, 2023, the IRS has placed a moratorium in processing any new ERC filings through the end of calendar year 2023.
Ellyn Strittholt
Sep 12, 20233 min read
Investment swings: What’s the tax impact?
For some investors, 2023 has been a wild ride in the stock market. How will it affect your 2023 tax bill? Here’s how to know the tax impact.
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