The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes...
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax.
The IRS has released the latest annual inflation adjustments for more than 60 tax provisions, including updated tax rate schedules and significant tax modifications, for the upcoming tax year 2024.
Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule regarding when a reporting company may report an entity’s FinCEN identifier instead of information about an individual beneficial owner.
The IRS requires that an S-Corporation shareholder report the amount paid for each officer’s health insurance as additional wages on Form W-2 Box 1 as well as a separate disclosure in Box 14.
To make the process as quick and painless as possible, follow these tips:
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises.
Cash is essential to the health of your business. It's the accelerator that enables growth and ensures the business's very survival. To help business owners navigate cash flow, especially in periods of uncertainty or crisis, here are three significant steps to cash flow management.
Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. But they can also be used internally to help management make strategic decisions, improve upon past results and add value. There are three parts to comprehensive financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) — each with a unique message.
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.
