IRS delays new reporting rule for online payment processors
The IRS is delaying the $600 Form 1099-K reporting threshold for third-party settlement organizations for the 2023 tax year.
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Outlook
News, views, and ideas shaping the future.
Mary Pat Brady
- 2 days ago
- 3 min
Is your entity subject to the new BOI reporting rules?
If your business can be defined as a “reporting company” under the CTA, you may need to comply with new BOI reporting rules starting in 2024
Sarah Dmytryk
- 3 days ago
- 2 min
Solving the riddles of succession planning for family businesses
Many family business owners encounter seemingly insurmountable problems when developing their succession plans, but there are solutions.
Mike Hawkins
- Nov 17
- 4 min
5 strategies to cut your company’s 2023 tax bill
Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.
Bailey Crane
- Nov 15
- 3 min
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do.
Avleen Marwah
- Nov 14
- 5 min
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax
Take these 2024 cost-of-living adjustments into consideration as you work on your year-end tax planning.
Janie Evans
- Nov 13
- 3 min
A cost segregation study may cut taxes and boost cash flow
Ever heard of a cost segregation study? Here’s how it can help accelerate depreciation deductions on the building that houses your enterpris
Brian Stautberg
- Nov 9
- 4 min
Take action now to reduce your 2023 income tax bill
Concerned about your 2023 tax liability? Consider these year-end tax planning strategies.
Michelle Grant
- Nov 7
- 3 min
Choosing a business entity: Which way to go?
Choosing the best entity for your business is a multi-faceted decision. Here’s a look at the some of the considerations.
Victoria Ma
- Oct 31
- 3 min
New per diem business travel rates kicked in on October 1
The IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the basics of these rates.
Mike Hawkins
- Oct 24
- 2 min
Facing a future emergency? Two new tax provisions may soon provide relief
Starting next year, employers with certain retirement plans can allow staff to contribute to pension-linked emergency savings accounts.
Rose Wilson
- Oct 23
- 2 min
The Social Security wage base for employees and self-employed people is increasing in 2024
Certain business owners & some of their employees don’t have to pay SS tax on all their wages. The SSA has announced the 2024 wage base.
Greg Popovich
- Oct 17
- 2 min
Are scholarships tax-free or taxable?
If your child is fortunate enough to get a scholarship, is the amount taxable income? For some, yes, but there’s good news for most families
Chris Collins
- Oct 17
- 2 min
Business automobiles: How the tax depreciation rules work
Complex calculations are involved in claiming depreciation deductions for business use of a passenger automobile. Here are the basic rules.
Mary Pat Brady
- Oct 11
- 3 min
A refresher on the trust fund recovery penalty for business owners and executives
Business owners, their leadership teams and even advisors may be held liable under the trust fund recovery penalty rules. Here’s a review.
Jamie Applegate
- Oct 10
- 2 min
The tax implications of renting out a vacation home
If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals.
Gwen DiMeo
- Oct 3
- 3 min
Casualty loss tax deductions may help disaster victims in certain cases
Through 2025, the rules for deducting personal casualty losses on a tax return changed. But, you may still be able to claim a deduction.
Wally Khoury
- Sep 26
- 2 min
What are the tax implications of winning money or valuable prizes?
There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
Chris Luckhaupt
- Sep 18
- 9 min
IRS halts ERC processing for 2023
As of September 14, 2023, the IRS has placed a moratorium in processing any new ERC filings through the end of calendar year 2023.
Ellyn Strittholt
- Sep 12
- 3 min
Investment swings: What’s the tax impact?
For some investors, 2023 has been a wild ride in the stock market. How will it affect your 2023 tax bill? Here’s how to know the tax impact.
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