Former IRS Commissioner Mark Everson draws a parallel between the IRS’s transition to digital processes and the construction of the interstate highway system in the 1960s from his childhood memories. In an interview with JofA, Everson recollected, “Back when I was a child, living in New York, I-95 would take you up to Providence. You’d […]
IRS: Tax Season 2024 could be paperless Read More »
Introduction As a small business owner, you dedicate endless hours and hard work to make your entrepreneurial dreams a reality. However, amidst the hustle and bustle of running your business, it’s crucial not to overlook one critical aspect of your financial future: retirement planning. Building a substantial nest egg is essential to ensure a comfortable
Maximizing Retirement Savings as a Small Business Owner Read More »
According to the Treasury’s FinCEN, a company’s beneficial owners refer to the individuals who have ultimate ownership or control over the company. In its Notice of Proposed Rulemaking (NPRM) issued in December, FinCEN stated that sharing information about these owners will aid in the prevention and detection of money laundering, terrorist financing, tax fraud, and
KEY TAKEAWAYS Financial experts emphasize the importance of preparing for next year’s taxes early, especially if you encountered unexpected tax bills this season. Consider the following three smart strategies: reviewing your 2022 filing, assessing your withholdings, and reevaluating your portfolio. If you were taken by surprise with a tax bill this year, it’s never too
Three Intelligent Approaches to Prepare for Next Year’s Taxes in Advance Read More »
Here is what you need to know about the tax relief package by Florida House. On Thursday, the Florida House passed a comprehensive $1.4 billion tax package, which includes a long list of benefits for consumers and businesses. This relief package, which is now heading to the Senate for final approval, provides over $200 million
The Florida legislative body, has passed a tax relief package worth 1.4 billion dollars Read More »
In a groundbreaking legal decision, the Supreme Court has recently sided with taxpayers in their ongoing battle against penalties for Foreign Bank and Financial Accounts (FBAR). This momentous ruling marks a major victory for taxpayers who have been grappling with the fear of exorbitant fines for failing to report foreign bank accounts. For US taxpayers
Supreme Court Ruling Favors Taxpayers on FBAR Penalties Read More »
On September 1, 2020, the Internal Revenue Service (IRS) added a new section called the BBA Centralized Partnership Audit Regime to its website, IRS.GOV. The step was taken as part of its objective to increase partnership audits in 2021. Prior to January 1, 2018, when the IRS audited a partnership, tax, interest, or penalties owed
Are you confident that your Partnership or LLC is ready for a possible audit? Read More »
On February 7, 2023, President Biden delivered his State of the Union address. Among many topics addressed, we picked the following: No Income tax increases. The President stated that there were no plans on raising income tax rates for income under $400,000 per year. Billionaire Minimum Tax. Biden reiterated his commitment to a proposal for
President Biden’s State of the Union tax related topics Read More »
Retirement is an important part of every individual’s financial life, and the recently passed bipartisan budget bill includes provisions that aim to increase access to retirement savings for all Americans. In this article, we will explore the key elements of the retirement savings package and how it will benefit individuals and families. The SECURE 2.0
The Secure Act 2.0 and the Importance of Retirement Savings Read More »
Tax Law Changes There are many important changes in the Tax laws, we picked what’s most important to our business clients. Standard Mileage Rates In 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the second half of 2022 Section 179 Expensing In
Important Tax Law Changes for small business owners in 2023 Read More »