INDIVIDUAL TAX | 07/16/2024 If you’re a taxpayer with income from rental activities or other real estate investments, it’s important to understand whether the IRS considers you a real estate professional. This consideration impacts the tax treatment of any rental income or losses and, consequently, may result in significant tax savings. Do You Qualify as …
INDIVIDUAL TAX | 07/07/2024 For many Americans, disability income provides essential financial support during challenging times. If you currently receive or expect to receive disability benefits, it’s important to understand how they’re taxed. The tax treatment depends on the type of benefit and, most importantly, who paid for the coverage. Key Consideration: Who Paid for …
PROPRTTIES | 06/23/2024 When operating or selling rental real estate, it’s essential to understand the tax implications associated with intangible assets. These can include lease acquisition fees, lease cancellation fees, and loan origination fees. Properly classifying and handling these assets for tax purposes can help property owners manage liabilities, optimize deductions, and make informed decisions. …
PROPERTIES | 06/09/2024 When operating or selling rental real estate, it’s essential to understand the tax implications associated with intangible assets. These can include lease acquisition fees, lease cancellation fees, and loan origination fees. Properly classifying and handling these assets for tax purposes can help property owners manage liabilities, optimize deductions, and make informed decisions. …
GIFT & ESTATE | 05/01/2024 Effective estate planning is essential to ensure your assets are distributed according to your wishes while minimizing tax liabilities. From utilizing trusts and gifting strategies to leveraging life insurance and charitable giving, thoughtful planning can make a significant difference. With potential changes in tax laws on the horizon, consulting with …
PROPERTIES | 04/01/2024 Key Insights for Filing a Real Estate Tax Appeal Property tax assessments play a critical role in determining your real estate tax obligations, which fund essential community services like education and public safety. However, inaccurate assessments can lead to overpayment of taxes. Understanding the assessment process and knowing how to navigate the …
TAX PLANNING | 03/03/2024 Key insights Establishing a trust can be a crucial part of estate planning, but understanding how the trust’s income will be taxed is equally important. Changes such as those introduced by the American Taxpayer Relief Act of 2012 (ATRA), which increased income tax rates and introduced the Net Investment Income Tax …
NONPROFITS | 03/01/2024 Key Insights Does allocating expenses across grants and programs frustrate you because of complexity and lack of automation? It’s a common nonprofit pain point. For nonprofits, it’s critical wages and expenses are appropriately allocated both for compliance purposes and management’s understanding of program performance. The allocation process is often manual and time-consuming. Review some …
NONPROFITS | 02/02/2024 Nonprofit organizations often rely on donations to support their mission-driven work, but unfortunately, these valuable revenue streams can attract fraudsters looking to exploit these resources. Scammers frequently target nonprofits with fraudulent donation refund requests and attempts to harvest personal information, which can lead to significant financial losses and damage to the organization’s …
INTERNATIONAL TAX | 12/30/2023 Key Insights In today’s interconnected business landscape, global mobility is on the rise, with more employees taking on international assignments. However, these assignments bring with them complex tax implications and payroll reporting requirements that can present significant challenges for both assignees and employers. A thorough understanding of mobility tax is essential …