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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.

Standard Mileage Rate Increase for 2024

December 18, 2023

The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle.

Year End is Gift-giving Time: Use the Annual Gift Tax Exclusion to the Max

December 14, 2023

Reduce your taxable estate by making annual gift tax exclusion gifts.

Businesses: Do You Have to Comply with the New Corporate Transparency Reporting Rules?

December 13, 2023

Certain businesses may soon have to meet new reporting requirements that take effect on January 1, 2024.

4 Ideas That May Help Reduce Your 2023 Tax Bill

December 12, 2023

Before you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.

New IRS Proposed Reliance Regulations Clarify when Employers Must Allow Long-term, Part-time (LTPT) Employees to Participate in Their 401(k) Plans.

December 7, 2023

The SECURE and SECURE 2.0 Acts changed the length of service needed before LTPT workers can participate.

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