Consider donating appreciated stock rather than cash if you intend to contribute to a charity, college, or other 501(c)(3) organization. By doing so, you can potentially maximize your tax benefits. When you donate appreciated stock to a qualifying organization, such as a charity, the organization can sell the stock without incurring any capital gains taxes, [...]
Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network [...]
The IRS continues to issue several warnings about misleading employee retention credit (ERC) scams and they are preparing to increase their efforts now that they have caught up their backlog in other areas. Current IRS commissioner, Danny Werfel recently said this "The amount of misleading marketing around this credit is staggering, and it is [...]
October 11, 2022, the Treasury Department issued Revenue Procedure 2022-19 which allows certain governing documents to be corrected and effective retroactively, without the need of a private letter ruling to prevent jeopardizing an S election. It is not clear what the intentions are of the IRS by doing this, but we would strongly advise [...]
When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim [...]
