Jan 10 Year-End Tax Considerations
You may be able to turn an IRS tax payment into a tax refund if you take some year-end actions now. Consult with your tax professional to determine if any of the following actions apply to your situation....
Jan 10 IRS Alerts on Health and Wellness Deductions: What You Need to Know
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...
Jan 10 Everything You Need to Know About Schedule D and Capital Gains
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...
Jan 10 Imputed Income: What You Need to Know
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....
Jan 10 Smart Estate Planning for Modern Blended Families
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...
Jan 10 The Importance of Payroll Accounting for Your Business
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....
Jan 10 The Evolving Role of the CFO
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...
Jan 10 Treasury Publishes Proposed Corporate Alternative Minimum Tax Regulations
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...
Jan 10 New Marriage or Partnership? Time for an Updated Estate Plan!
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...
Jan 10 IRS Problems? Think About Mediation!
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....