A complex trust or estate may make an election under Internal Revenue Code Section 663(b) to treat all distributions made during a 65-day period as having occurred on the last day of the prior tax ...
HM&M Accounting, Audit and Assurance, & Tax Blog
We often receive questions from clients about their 401(k) plans and recently had a client ask two thought provoking questions: “What steps should I take to monitor service providers I hire to help me administer ...
Right before the Christmas holiday, the IRS announced that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations (TPSO), meaning that the threshold of $600 will not apply to transactions in ...
There will be a few tax changes for businesses of note for the tax year 2023 and beyond, including a huge 2017 TCJA tax benefit that will begin to phase out at the end of ...
The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies that present their financials under US GAAP with fiscal years beginning after December 15, 2021. What is Lease Accounting ...
Giving to charity can provide not only large tax deductions to help you do well financially (as long as you itemize deductions) but also the satisfaction of doing good. On top of that, it’s one ...
If most of your money is tied up in your business, saving for retirement can be a challenge. So, if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. If ...
Form 1099-K Changes New for tax years beginning in 2022, is a much lower threshold for payment settlement entities to report payments to merchants. Prior to 2022, the threshold to report payments on Form 1099-K ...
Are you prepared to meet the new lease standard requirements? The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies with fiscal years beginning after December 15, 2021. What ...
The Inflation Reduction Act of 2022, was signed into law by President Biden on Tuesday, August 16, 2022. The Inflation Reduction Act of 2022 (The Act) will raise revenue, reduce the deficit, make major investments ...
That is both a literal and figurative statement. The photo above, provided by the U.S. Department of the Treasury, shows the cafeteria at the IRS’ Austin facility in June. This is visual confirmation of what ...
If you’re involved with virtual currency – whether as an investor, a miner or as a merchant accepting cryptocurrency as payment – you are likely to face tax issues. On the federal income tax front, ...