If you’re in line to receive an inheritance, your feelings may range from exhilaration for the windfall to grief for the loved one who has passed. A large infusion of cash or assets can be overwhelming. Generally, when planning for an inheritance, there’s no need to act quickly. Take some time to reflect on the…
If you own a family business, it’s probably one of your most significant personal assets. It’s important to take the proper estate planning steps to ensure that the business lives on after you’re gone — if you don’t, you may be placing your family at risk. Ownership vs. Management Succession One reason transferring a family…
With campaign season gearing up, many individuals and businesses will be reaching into their wallets or otherwise making campaign contributions to candidates, political committees and parties. Before doing so, it’s critical to understand the rules for making contributions for federal and state elections. Violations could lead to steep financial penalties, as well as reputational damage….
The Social Security Administration (SSA) recently announced that the “wage base” for computing Social Security tax will increase for 2024 to $168,600. This is up from $160,200 for 2023. Federal law limits the amount of earnings that are subject to the Old-Age, Survivors, and Disability Insurance (OASDI) tax in a given year. This threshold, referred…
By Jennifer Galstad-Lee, Senior Manager, Tax Services Small business owners have double-duty during tax season – preparing and filing their own taxes as well as taxes for their small business. With so many demands on their time already, tax season can be cause for dread, but advance planning and organization can make life a little…
By Jennifer Galstad-Lee, Senior Manager, Tax From electric vehicles to solar panels, “going green” can offer both environmental and financial benefits. With global conflicts and increased gas prices, now may be the time to explore reducing your carbon footprint to better the Earth and save you money. In addition, with more emphasis on environmental, social…
The Internal Revenue Service recently issued a notice (IRS Notice 2022-36) that provides broad penalty relief for specified delinquent 2019 and 2020 tax returns. For U.S. taxpayers who qualify, this relief will waive and refund delinquent filing penalties for many who filed their 2019 and/or 2020 tax returns late. Notably, certain penalties for international reporting…
By Jennifer Galstad-Lee | Senior Manager, Tax The U.S. tax filing season is officially underway! The IRS has started accepting and processing income tax returns for the 2021 tax-year as of Monday, January 24, 2022. Filing Basics for Individuals Remember that most income is taxable. Be sure to keep records for income items, including: Forms…
By Ryan Footer, Senior Accountant Introduction The COVID-19 pandemic introduced new hardships for American workers including record job losses, career changes, temporary jobs and remote work. The family home suddenly became both workplace and classroom, prompting more families to seek household help. For 2020 and 2021, the federal government implemented “nanny tax” credits to encourage…
In March 2021, Congress enacted emergency legislation known as the American Rescue Plan Act (ARPA) to help individual taxpayers and small businesses weather the ongoing economic effects of the COVID-19 pandemic. Of the many noteworthy provisions included in the ARPA, perhaps no provision holds more significance to taxpayers with dependent children than the modifications made…