Understanding the nuances of tax laws, especially those pertaining to Social Security benefits taxation, is necessary for accurate tax preparation and strategic financial planning. The Internal Revenue Service (IRS) enforces distinct guidelines on how Social Security benefits are taxed, underscoring that these benefits are not always exempt from taxation. The extent to which your Social Security benefits are taxable is influenced by your overall income and tax filing status, making a clear understanding of these regulations critical for maintaining your fiscal health and ensuring compliance.

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations:

Victims of fraud often wonder why their auditors didn't flag the deception. "We got a clean opinion!" they might protest. "Why didn't they catch this during our annual audit?"

The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit.

With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government.

When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complex than you think.

Fraud perpetrated through cyberattacks and social engineering has increased significantly over the past few years. Forensic services teams are busy helping clients navigate the negative impacts of fraud, whether caused by an internal rogue employee or an outside attack by a third party. In the present-day fraud landscape, organizations of all types must take steps to help reduce the risks of fraudulent activity.

With the new year upon us, the time has come to close the books on 2023. For many companies, January is also the beginning of the new fiscal year, and with that comes making sure your book balances are accurate. The following steps will give you a leg up on ensuring your books are correct going into 2024.

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.