The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements. The threshold is slated to jump 65% from its current level by 2025 and is expected to make four million additional workers eligible for overtime pay.

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Perhaps you’re fortunate enough to already own one. In either case, you may wonder about the tax implications of renting it out for part of the year.

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?"

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax-required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules.

The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adopt a range of energy-efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates.

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So, if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver.

Putting together an estate plan is one of the most significant actions you can take for yourself and your loved ones. It’s also one of the most challenging, as it requires confronting uncomfortable realities such as the inevitability of death and the legacy you wish to leave. The consequences of neglecting this critical task are starkly illustrated by the lengthy court battles over the estates of celebrities like Prince, Aretha Franklin, and Sonny Bono, who all passed away without wills.

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.

Estate taxes are a complex and frequently misunderstood part of financial planning that can significantly impact the inheritance process. The federal estate tax gets a lot of press but there are some states that also have their own estate/inheritance tax that are separate and additional taxes to federal estate tax. A recent legislative change in Massachusetts notably doubled the estate-tax exemption threshold from $1 million to $2 million, accentuating the dynamic nature of estate taxation and emphasizing the critical need for staying abreast of these laws that can significantly differ across states.