The IRS has issued important reminders regarding health and wellness deductions, emphasizing that many personal health-related expenses do not qualify for tax breaks. If you have an FSA (Flexible Spending Account), HSA (Health Savings Account), or MSA (Medical Savings Account), you cannot deduct or be...
Schedule D is the IRS tax form that reports your realized gains and losses from capital assets — investments and other business interests. You detail the total purchase price of assets, what they were sold for, and whether they were held for long-term (more than...
Per the Internal Revenue Service (IRS), fringe benefits are taxable and must be counted in the recipient's gross wages, unless the item is specifically excluded by law....
A blended family often brings joy — there are more people to love and be loved by. As your family expands, you will want to provide for each child, whether from the previous or current marriage, and create safeguards to avoid future disagreements and potential...
Payroll is a vital function for any organization, encompassing various tasks such as calculating wages, tracking work hours, managing employee benefits, deducting taxes, and ensuring compliance with federal, state, and local regulations. Proper payroll management helps streamline business operations and maintain financial transparency....
In recent years, businesses have faced unprecedented disruption, and one of the most significant shifts has been the changing role of the Chief Financial Officer (CFO). Traditionally seen as the gatekeeper of financial strategy and bottom-line performance, the CFO’s responsibilities have evolved significantly, especially in...
In the wake of recent hurricanes, the Financial Crimes Enforcement Network (FinCEN) has issued temporary relief measures to assist businesses and financial institutions in affected areas. The relief primarily pertains to the reporting requirements under the Bank Secrecy Act (BSA), particularly for those impacted by...
The Inflation Reduction Act of 2022, signed into law on August 16, 2022, created a new corporate alternative minimum tax (CAMT) for taxable years beginning after December 31, 2022. On September 12, 2024, after issuing multiple pieces of interim guidance, Treasury and the IRS released...
Gerry Turner, the first "Golden Bachelor" and a widower, and his wife, Theresa Nist, a widow, started divorce proceedings just three months after their televised wedding. Their marriage and subsequent divorce emphasize the importance of estate planning in remarriages or domestic partnerships where one or...
If you're having an IRS problem, mediation — also known as alternative dispute resolution — can help you resolve your tax issues early and efficiently, according to the agency. Mediation can provide a less expensive approach to wrapping up a problem than other options....
