Tax-Favored Qualified Small Business Corporation Status Could Help Your Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.
The Kiddie Tax Could Affect Your Children Until They’re Young Adults
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at […]
Timing Counts When Valuing a Business
In today’s uncertain markets, the value of a business may change significantly over time. So it’s important to choose the valuation date carefully. Often, the […]
Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social […]
It’s Possible (But Not Easy) to Claim a Medical Expense Tax Deduction
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you […]
How Forensic Accountants Use a Lifestyle Analysis to Find Hidden Assets
Sometimes divorcing spouses or sparring former business partners illegally hide assets to prevent their fair division. And fraud perpetrators almost always try to […]
Defer a Current Tax Bill with a Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the […]
Treasury and IRS Issue Guidance on the Qualified Alternative Fuel Vehicle Refueling Property Credit
As reported via IR-2024-16 on 1/19/2024
The Internal Revenue Service and the Department of the Treasury today issued
FinCEN Alerts BOI Reporting Companies to Fraud Attempts
As the Financial Crimes Enforcement Network (FinCEN) opens its beneficial ownership information (BOI) reporting portal, its BOI webpage, reflects a fraud alert for individuals and […]
New Beneficial Ownership Reporting Requirements Effective 1/1/24
Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or […]
