More than 125,000 high income individuals, who have abstained from filing federal tax returns since 2017, will receive letters urging them to file or provide explanations for their non-filing status, stated the IRS earlier this year. The letters are being sent to over 25,000 individuals with incomes surpassing $1 million and to over 100,000 individuals […]
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Remote work tax implications Remote work offers flexibility, but tax complexities can dampen the enthusiasm. In the U.S. last year, 13% of full-time employees worked remotely, and 28% adopted hybrid models. Many found themselves working across state lines, adding layers of complexity to their tax situations. Millions now face potential double taxation issues this tax
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Understanding S Corporation Shareholder Eligibility The S corporation structure offers advantages for many businesses, but adherence to Internal Revenue Code (IRC) and Treasury regulations is crucial to maintaining S corporation status. Compliance is essential to avoid jeopardizing the S corporation standing, which is subject to specific mandates outlined in the IRC. 100-Shareholder Limit and Eligibility
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IRS Announces 2024 Tax Provisions Update The IRS released details on Thursday regarding the annual inflation adjustments for over 60 tax provisions applicable to tax year 2024. These changes, including increases in the standard deduction for both married couples and single individuals, are expected to impact tax returns filed in 2025. The specifics of these
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As the popularity of commercial condominium projects surges, so do the associated tax complexities. Managing the tax return for a commercial condo association can be a challenge without strategic tax planning. Understanding Commercial Condominium Projects Commercial condo projects enable individuals to own office spaces while sharing common areas like entrances, reception areas, parks, hallways, and
Navigating Commercial Condo Association Tax Returns: A Simplified Guide Read More »
Incentive stock options (ISOs) can significantly enhance employment benefits, but ISO tax treatment, particularly the Alternative Minimum Tax (AMT), often goes unnoticed. Mastering the strategies to sidestep AMT on stock options is crucial for maximizing income. Understanding AMT AMT, or alternative minimum tax, is a potential tax liability associated with the exercise of ISOs. During
How to Mitigate AMT Impact on Stock Options Comprehend, Exercise, Mitigate Read More »
Navigating the Dynamics of Qualified Opportunity Zones (OZ) With the inception of the Qualified Opportunity Zone (OZ) incentive as part of the 2017 Tax Cuts and Jobs Act, the Treasury Department projected a substantial infusion of $100 billion in new capital investment into around 8,700 designated census tracts across the United States. Despite the intricate
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Trusts have served as integral tools in tax planning for numerous decades, offering various advantages such as: Reducing income tax liability Diminishing estate tax liability Bypassing probate Shielding assets from creditors Dictating posthumous wealth utilization Despite their widespread utility, the term “trust” encompasses a diverse range of trust types, causing many individuals to feel overwhelmed
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At KB CPA Services P.A, we take pride in being your trusted partner for all your financial needs. Our experienced team of professionals offers comprehensive Tax, Audit, and Accounting services to clients in the vibrant communities of Coral Springs, Boca Raton, Tamarac, Fort Lauderdale, Coconut Creek, Margate, and Deerfield Beach. Coral Springs When it comes
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Estate planning is complex enough as an individual, but when you’re planning as a married couple, it can bring about even greater challenges. Collaborating as a unified partnership for the future of your shared estate means that both of you will have specific priorities to incorporate into the plan. Some common concerns might include the
How Does an Estate Tax Marital Deduction Work? Read More »
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