Real Estate Gains: Deferring Taxes with Like-kind Exchanges
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is ...
Key 2024 Inflation-adjusted Tax Parameters for Small Businesses
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect ...
New Reporting Rules for Businesses: Compliance Obligations Explained
Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), ...
Surprise Bill For Those Who Underpay Their Taxes: Penalty Jumps to 8%
Failing to keep up with tax payments now could lead to an expensive surprise come next spring. As of Oct. 1, the Internal Revenue Service is charging ...
IRS Delays New Reporting Rule for Online Payment Processors
For the second consecutive year, the IRS has postponed the implementation of a new rule that would have led to an estimated 44 million taxpayers ...
Take Action Now to Reduce Your 2023 Income Tax Bill
Several factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest ...
FinCEN Identifier: The Final Rule Details What You Need to Know
Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule regarding when a reporting company may report an entity’s FinCEN ...
Reporting Requirement for Shareholder Health Insurance
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 ...
Importance of Obtaining W-9s and Issuing 1099s
To make the process as quick and painless as possible, follow these tips: