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Proposed Regs for Inherited IRAs Bring Unwelcome Surprises

The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.

 Businesses May Receive Notices About Information Returns That Don’t Match IRS Records

If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.

Important News for California Pass Through Entities: PTE Payment Due June 15

California enacted Assembly Bill 150 (“AB 150”) in 2021 as a method for deducting state and local taxes in excess of federal deduction limitations.
CFO,

CFO, Yes or No? Here’s How to Decide

If your nonprofit’s budget is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a CFO. Learn about what these executives do and what to look for in a candidate.

Goodwill in a Bad Economy

Internally generated goodwill isn’t on the balance sheet. But acquired goodwill is another story. Do you know the rules for reporting acquired goodwill and subsequently testing it for impairment? This is a hot button for many organizations today.

Tax Considerations When Adding a New Partner at Your Business

If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.

Once You File Your Tax Return, Consider These 3 Issues

Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.

Fully Deduct Business Meals This Year

Wining and dining customers and employees can result in tax deductions and for 2022, the write-offs are bigger than usual.

Selling Mutual Fund Shares: What Are the Tax Implications?

Selling mutual fund shares involves many complex factors. Here are the basic rules.

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Year-end tax planning ideas for individuals

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By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider. Continue Reading Year-end tax planning ideas for individuals

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2022 Q4 tax calendar: Key deadlines for businesses and other employers

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It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2022 tax filing deadlines. Continue Reading 2022 Q4 tax calendar: Key deadlines for businesses and other employers

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Is your income high enough to owe two extra taxes?

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There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules. Continue Reading Is your income high enough to owe two extra taxes?

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