Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year is the One Big Beautiful Bill Act (OBBBA), which...
Constant vigilance is the most critical control to prevent fraud risk. Employee fraud happens when a motivated individual who knows of a weakness decides that no one is paying attention. The minute that directors and employees let their guard down, someone who has been thinking about stealing will become much more likely to start doing it.
Businesses planning to pay employees year-end bonuses can time their payments to reduce taxes. For example, if your business operates on a cash basis, you must deduct bonuses in the year they’re paid. So you could pay bonuses either in late 2023 or early 2024, whichever makes the most tax sense.
Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed financial reporting, errors and even fraud. Here are some simple ways to streamline your company’s monthly closing process.
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.
