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There’s a New Threshold for Electronically Filing Information Returns

January 25, 2024

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns.

Answers to Your Tax Season Questions

January 23, 2024

When will my 1099 forms arrive and when is the best time to file my tax return? Here’s the answer to these and other tax season questions you may have.

Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit

January 18, 2024

If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.

The Kiddie Tax Could Affect Your Children Until They’re Young Adults

January 16, 2024

Do you consider 21 or 22-year-olds to be kids? For purposes of the “kiddie tax,” they might be. Here are the rules.

The IRS Announced That it Will Propose Regulations to Implement the Product Identification Number (PIN) Requirement with Respect to the Energy Efficient Home Improvement Credit.

January 11, 2024

Beginning Jan. 1, 2023, the credit (subject to certain limits and caps) is equal to 30% of the total amount paid for certain qualified expenses.

Defer a Current Tax Bill with a Like-kind Exchange

January 9, 2024

The real estate market has been tough recently. But there are still large profits being made on some business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.

When Are Sponsorship and Advertising Payments Subject to Tax?

January 4, 2024

Even if you’re well-versed in potential UBIT traps, your nonprofit may not know the tax rules for sponsorship payments vs. advertising payments and what distinguishes one from the other. Read on for some answers.

Don’t Overlook Taxes when Contemplating a Move to Another State

January 2, 2024

Are you dreaming of retiring to another state to escape cold weather or to be close to loved ones? Before calling the moving truck, examine the state and local tax implications.

2024 Limits and Thresholds for Qualified Retirement Plans

December 28, 2023

Employers: The IRS recently issued 2024 inflation adjustments for many types of qualified retirement plans. Be sure to read up on the latest amounts.

2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

December 26, 2023

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.

The “Nanny Tax” Must Be Paid for Nannies and Other Household Workers

December 21, 2023

In 2023, if you pay a household worker cash wages of $2,600 or more, you must withhold and pay Social Security and Medicare taxes. Here’s what the amount will be for 2024, along with details about possible tax obligations for household workers.

FASB Issues New Segment Expense Disclosure Rules

December 19, 2023

Starting in 2024, public companies must comply with new accounting rules requiring them to disclose more details about their business unit costs. This is the most significant change to segment expense reporting in 25 years.

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