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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.

Higher Interest Rates Spark Interest in Charitable Remainder Trusts

December 5, 2023

Charitable remainder trusts can be especially effective in a high-interest-rate environment, such as right now. Find out why.

IRS Delays New Reporting Rule for Online Payment Processors

December 1, 2023

For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay.

Key 2024 Inflation-adjusted Tax Parameters for Small Businesses and Their Owners

November 30, 2023

Before you know it, 2024 will be here. The IRS recently announced inflation-adjusted amounts for next year that are relevant to small businesses.

5 Strategies to Cut Your Company’s 2023 Tax Bill

November 28, 2023

Here are five strategies to help reduce your company's tax bill, which can improve your cash flow and your bottom line.

Taxpayers Can Generally Deduct the Ordinary and Necessary Costs to Run a Business if They Can Prove Them.

November 22, 2023

Records of vehicle costs must be contemporaneous and detailed, even though they can generally be deducted.

11 Exceptions to the 10% Penalty Tax on Early IRA Withdrawals

November 20, 2023

If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do. Here are 11 exceptions to the penalty.

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