Yesterday, we informed you about the American Rescue Plan of 2021, dramatically reducing the Form 1099-K reporting threshold to gross payments that exceed $600 (down from $20,000 for tax year 2022 and prior years) for ...
Category Archive: Tax
Abstract: When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several tax breaks may be available to help offset some of the ...
Abstract: Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For ...
Abstract: Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds are popular alternatives, but they also have potential drawbacks. ...
Abstract: Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds ...
Abstract: Individual taxpayers are potentially liable for the net investment income tax (NIIT) if their modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying widows or widowers; $125,000 for married taxpayers ...
Abstract: Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for — ...
Abstract: For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences. This article discusses IRS regulations that ...
Abstract: Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an ...
On September 14th the IRS announced an immediate moratorium through the end of the year on the processing of new Employee Retention Credit (ERC) Claims. This action was taken in response to growing concerns inside the ...
The IRS has identified Employee Retention Credit Scams as the number one worst tax scam on its 2023 Dirty Dozen List. Third parties, commonly known as “ERC Mills” have been aggressively promoting and promising large ...
Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to allow employees to elect to treat employer contributions as Roth ...