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REGULATION | 10/01/2024 Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes …
INDIVIDUAL TAX | 09/07/2024 Dealing with unexpected tax bills can be overwhelming, especially if the liability stems from your spouse’s or ex-spouse’s errors. The IRS’s joint and several liability rules hold each spouse jointly responsible for the full tax liability on a couple’s combined income when filing a joint tax return. This means the IRS …
INDIVIDUAL TAX | 09/02/2024 Series EE savings bonds have been a popular choice for Americans looking to save for college or support national initiatives. Initially issued in 1980 to replace Series E bonds, they were branded as “Patriot Bonds” from 2001 to 2011 to symbolize support for the nation’s anti-terrorism efforts. If you own Series …
TAX PLANNING | 08/29/2024 If you’re required to take required minimum distributions (RMDs) from a traditional IRA and also have charitable giving goals, a qualified charitable distribution (QCD) can be a powerful tax-saving strategy. By leveraging this approach, you can fulfill your philanthropic intentions while reducing your taxable income and potentially qualifying for additional tax …
INDIVIDUAL TAX | 08/25/2024 During the COVID-19 pandemic, many people transitioned to working from home, a trend that continues today with many still operating from their home offices either full-time or on a hybrid basis. If you’re self-employed and manage your business from home, or handle specific tasks there, you might be eligible to claim …
TAX PLANNING | 08/24/2024 A 529 plan is a powerful, tax-advantaged savings tool designed to help families save for education expenses. Whether for college or eligible K-12 expenses, these plans offer potential tax-free earnings and other significant benefits when used strategically. Starting in 2024, unused 529 funds can even be rolled into a Roth IRA …
ACCOUNTING | 08/16/2024 The ever-evolving business landscape, paired with increasingly complex financial accounting standards, has left many organizations facing a critical challenge: maintaining an agile staff capable of meeting dynamic business needs as they arise. This challenge is particularly pronounced in accounting and finance functions. Organizations need strong departments to produce timely, accurate, and relevant …
INDIVIDUAL TAX | 08/15/2024 Estimated tax payments ensure individuals who don’t have sufficient federal taxes withheld throughout the year contribute their fair share. These payments apply if your income comes from sources such as interest, dividends, self-employment, capital gains, pensions, or other non-withheld income. If you need to make estimated tax payments, understanding the rules …
INDIVIDUAL TAX | 08/10/2024 Equity-based compensation is a valuable tool for attracting and retaining top talent, but it comes with complex tax and accounting implications. Common forms of equity-based compensation include: Understanding the nuances of equity-based compensation is critical to managing tax liabilities and ensuring compliance with IRS and financial reporting requirements. Tax Considerations for …
TAX PLANNING | 08/08/2024 With key provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) set to expire at the end of 2025, many business owners are reassessing their entity structures. The expiration of the qualified business income deduction (Section 199A) and the reversion of individual tax rates in 2026 raise questions about …