The ability to defer taxes through like-kind exchanges has long been a cornerstone of U.S. tax policy, tracing its origins to the Revenue Act of 1921. Modernized under Sec. 1031, this provision encourages economic growth by allowing taxpayers to defer taxes when exchanging real property of a similar kind. This guide provides an overview of […]
The Internal Revenue Service (IRS) has released its annual inflation adjustments for tax brackets and standard deductions for the 2025 tax year. These updates aim to help Americans potentially retain more of their income in the upcoming year. Each year, the IRS adjusts the federal income tax brackets, standard deduction, and other tax provisions to
IRS Announces New Tax Brackets and Increased Standard Deduction for 2025 Read More »
In 2025, individual taxable earnings up to $176,100 will be subject to Social Security tax, according to an announcement by the Social Security Administration (SSA) on Thursday. This marks an increase from the 2024 wage base limit of $168,600, which applies to earnings subject to the 6.2% Old Age, Survivors, and Disability Insurance (OASDI) tax.
Social Security Wage Base Set for 2025 Read More »
As savings from the pandemic era dwindle and financial stress becomes the leading concern for most Americans, it is evident that the U.S. needs policies that encourage increased savings. Personal savings provide financial security and drive economic growth through investment. However, our current tax system imposes double taxation on savings, incentivizing immediate consumption rather than
How Tax Reforms Can Strengthen Americans’ Diminishing Savings Read More »
Charitable Organizations Organizations dedicated solely to religious, charitable, scientific, public safety testing, literary, educational, or other specified purposes, and that meet specific criteria, are granted tax-exempt status under Internal Revenue Code Section 501(c)(3). Churches and Religious Organizations Churches and religious organizations, like other charitable entities, can qualify for federal income tax exemption under Section 501(c)(3).
Charities and Nonprofits: Understanding Exempt Organization Types Read More »
Whether a revenue-generating activity constitutes a trade or business is typically straightforward — until it isn’t. The most common confusion on this issue arises around hobbies that generate revenue and investments that involve personal involvement. Many of these activities are challenging to distinguish from trades or businesses. Having the status of a trade or business
Determining Whether an Activity is a Trade or Business Read More »
Navigating the complexities of a 401(k) audit can seem overwhelming, but with the right knowledge and professional support, you can manage the process smoothly. Here’s a straightforward guide to help you understand the essentials of 401(k) audit requirements. What is a 401(k) Audit? A 401(k) audit is generally required for retirement plans with more than
Understanding 401(k) Audit Requirements Read More »
Overview The Corporate Transparency Act (CTA) takes effect on January 1, 2024, introducing significant reporting requirements for many privately held entities, known as Reporting Companies. The CTA aims to enhance transparency to combat tax fraud, money laundering, and other illegal activities. Reporting Companies must submit ownership information to the Financial Crimes Enforcement Network (FinCEN), a
Understanding the Corporate Transparency Act: Implications for Businesses and Compliance Read More »
The updated FAQs from the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department provide new information regarding the implementation of access to beneficial ownership information (BOI) as outlined in Section 6403 of the Corporate Transparency Act (CTA), P.L. 116-283. According to the updated FAQs released on Thursday, the phased rollout of BOI access will
Updated FAQ by the IRS for the Beneficial Owner Information (BOI) reporting Read More »
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
The IRS new focus on high-income nonfilers Read More »
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