by Jun Wang, CPA, MST If you regularly travel to client sites, gather office supplies, attend conferences, or own multiple pass-through entities, you may be entitled to tax deductions or reimbursement from your employer. Any other business-related travel may be deducted by way of a mileage log—an efficient way to accurately track, measure, and record […]
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers The NIIT applies to you only […]
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles (GAAP). […]
For 2023, the federal gift and estate tax exemption amount stands at $12.92 million ($25.84 million for married couples). But without action from Congress, on January 1, 2026, it’s scheduled to drop to only $5 million ($10 million for married couples). Based on current estimates, those figures are expected to be adjusted for inflation to a little over $6 million […]
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the […]
by Qiva Dinuri, J.D., LL.M. Taxation Tax exemption is a valuable privilege granted to certain organizations, such as nonprofit entities, charities, and religious institutions. Maintaining this status, however, requires compliance with specific rules and regulations set forth by the IRS and tax authorities—meaning, it is possible to lose your organization’s tax-exempt status. Here are some step-by-step […]
Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress […]
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your […]
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to […]
President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next presidential election. The FRA also makes a variety of changes related to […]
by Marijane Kantzabedian, CPA; David Lam, CISSP, CPP; and Jun Wang, CPA, MST | Check out the Startup Solutions series The rapid advancement of technology, automation, artificial intelligence (AI), and machine learning have undoubtedly transformed the way we work and conduct business. From audits to protecting data to incentivizing employees, organizations are embracing technological solutions to […]
by Jun Wang, CPA, MST | Check out the Startup Solutions series In today’s fast-paced business landscape, startups are constantly striving to push the boundaries of innovation. To support their efforts and fuel their growth, the federal government provides research and development (R&D) credits as a valuable incentive. These credits offer startups and small businesses a […]