Explore the latest IRS tax code updates and discover strategies to reduce excessive taxation. Get expert insights on optimizing your financial future.
Is Your CPA Retiring? Find a Trusted New CPA for 2024/2025 Tax Season!
Looking for a New CPA? We’re Here to Help! If your CPA has recently retired, you might be wondering who will handle your tax filings,
The 2/7 Rule for Wages and Maximizing QBI Deduction
The Qualified Business Income (QBI) deduction offers owners of pass-through entities a significant tax advantage by allowing a deduction of up to 20% of their
Evaluating Fee-for-Service Activities: Ensuring Substantial Alignment with Exempt Purposes.
Sec. 501(c)(3) organizations engaging in fee-for-service activities must determine whether these activities advance or are “substantially related” to their exempt purpose. This distinction is critical
A Professional Guide to Like-Kind Exchanges of Real Estate: Basics, Updates, and Examples
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
IRS Announces New Tax Brackets and Increased Standard Deduction for 2025
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
Social Security Wage Base Set for 2025
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)
How Tax Reforms Can Strengthen Americans’ Diminishing Savings
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
Charities and Nonprofits: Understanding Exempt Organization Types
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
Determining Whether an Activity is a Trade or Business
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
Understanding 401(k) Audit Requirements
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
Understanding the Corporate Transparency Act: Implications for Businesses and Compliance
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.
Updated FAQ by the IRS for the Beneficial Owner Information (BOI) reporting
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