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Intangible Assets: How Must the Costs Incurred Be Capitalized?

December 6, 2022

Any transaction your business engages in involving intangible assets and their related costs should be analyzed to determine the tax implications. Here are the basic rules.

Legislation That Allows Those with Felony Drug Convictions the Right to Claim the American Opportunity Tax Credit Has Been Reintroduced

December 1, 2022

A bipartisan group of lawmakers have reintroduced legislation that allows individuals with felony drug convictions the right to claim the American Opportunity Tax Credit (AOTC).

Strategies for Investors to Cut Taxes as Year-end Approaches

November 29, 2022

The end of the year is a good time to examine your portfolio for tax purposes. Here are some strategies that may save you taxes.

Fraud’s New Frontier: NFTs

November 23, 2022

Intrigued by non-fungible tokens (NFTs), but not sure how they work? Before you attempt an NFT transaction, review the fraud risks. In particular, watch out for these common schemes.

How Savings Bonds Are Taxed

November 22, 2022

Do you own savings bonds? Here’s how the interest on the bonds is taxed.

Annual Gift Tax Exclusion Amount Increases for 2023

November 17, 2022

If you have a large family, making annual exclusion gifts to loved ones is a quick way to reduce your taxable estate. Why? You can make gifts of up to $16,000 per recipient in 2022 ($17,000 in 2023).

Act Now to Reduce Your Business's 2022 Tax bill

November 15, 2022

It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. As 2022 winds down, now is the time for your business to take stock of its tax situation and implement year-end tax planning strategies.

Estate Planning Vocab 101: Executor and Trustee

November 10, 2022

You need to know two key estate planning terms: "executor” and “trustee.” These are important appointments; in fact, both roles can be filled by the same person.

Employers beware of third parties promoting improper Employee Retention Credit claims

November 9, 2022

The IRS has issued a warning about third parties offering improper guidance to employers claiming the Employee Retention Credit (ERC).

The U.S. Treasury Department Has Announced $5 Billion in New Markets Tax Credit (NMTC) Awards.

November 8, 2022

The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. This program aims to help low-income communities by allowing taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments in Community Development Entities (CDEs).

The Audit is Over. Now What?

November 3, 2022

Audits are critical to reassuring financial supporters of your nonprofit’s fiscal responsibility. But the work doesn’t end when the auditor leaves. You need to review the audit report and possibly take action.

Employers: In 2023, the Social Security Wage Base is Going Up

November 1, 2022

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.

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