The IRS recently released its official 2024 inflation-adjusted amounts for a wide variety of tax-related items, including some annual adjustments affecting various aspects of international taxation. Here are some key figures to be aware of: Foreign Earned Income and Housing Cost Exclusions Under the Internal Revenue Code, qualifying U.S. citizens and resident aliens may exclude …
As the holidays approach, it’s time to consider tax-planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears no significant unfavorable federal tax changes will take effect in 2024. Assuming that’s an accurate prediction, here are seven …
When developing an estate plan, you may want to consider setting up trusts for various reasons, including protecting your assets from potential creditors. One way to accomplish this, depending on where you live, may be to set up a domestic asset protection trust (DAPT), also known as self-settled trusts. With these trusts, you transfer estate assets into an …
The IRS certainly has its plate full of domestic tax issues, but the agency also keeps a wary eye on international tax matters. Two recent examples are electronic requests for late-filing relief and the long-standing issue of violations of the rules regarding Reports of Foreign Bank and Financial Accounts (FBARs). New Filing Relief Available In a …
As the holidays approach, it’s time to consider tax planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. Assuming that’s an …
Most tax preparers are ethical and help ensure their clients file timely and accurate tax returns, but a small percentage abuse their position of trust. They may, for example, engage in fraudulent activities that harm taxpayers. The IRS has warned about tax “promoters,” which the agency defines as entities that “undermine voluntary compliance by marketing improper …
Everyone needs an estate plan, regardless of age, assets or family situation. At a minimum, you should create a legally valid will that dictates the disposition of your assets after death. However, many people should take estate planning to the next level and at least consider establishing a living — also known as a revocable — …
People and entities that aren’t U.S. citizens or residents may still be required to report income that’s effectively connected with a trade or business in the United States. This also holds true for those who generate certain passive U.S. source income. Here are four commonly asked questions about the taxation of such nonresident aliens (NRAs), as …
Starting Jan. 1, 2024, some companies must submit information related to their ‘beneficial owners’ Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their “beneficial owners” — the individuals …
By Christopher Davis, CPA Based on our work with countless practices and physicians, we know that a few key steps taken now, before the end of the year, can help you get a great head start on 2024. Here are three proactive moves you and your team can implement to position your medical practice for …
