By Jim Rice, CPA As a CPA for more than four decades, I’ve heard from doctors more than a few times after they were hit with a surprise tax bill. In most cases, the underlying problems were that their accountants didn’t communicate with them much and didn’t advise them throughout the year on what steps …
In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. A week later, the IRS published additional guidance to resolve …
Protecting assets from creditors is a critical aspect of estate planning, but you need to think about more than just your own creditors: You also need to consider your heirs’ creditors. Adding spendthrift language to a trust benefiting your heirs can help safeguard assets. Spendthrift Language Explained Despite its name, the purpose of a spendthrift trust …
Not all crooks roam the streets at night. Some might be roaming company hallways, stealing cash, forging or altering checks, and pilfering inventory and property. Even worse, they may be stealing intellectual property such as confidential documents or trade secrets. What can you do to pull the plug on employee theft and fraud? Here are 18 …
Get the most from Social Security Younger retirees face a harsh penalty for working part-time. For every $2 earned over $21,240 in 2023 (up from $19,560 in 2022), you lose $1 in Social Security benefits. In the year you reach full retirement age, a higher earnings threshold applies. Your benefits will be reduced by $1 …
Deadline to file is May 31 The BE-12 form is a survey conducted by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) to collect information on the activities of foreign-owned U.S. companies. This survey is conducted every five years – including 2023 — and is used to gather data on the operations, finances, …
Real estate investors often unload one property and replace it with another. But making an outright sale of an appreciated property results in a current tax hit. That’s unfortunate if you intend to use the sales proceeds to buy replacement property. The good news: Section 1031 of the Internal Revenue Code allows you to postpone your …
The construction industry continues to face supply chain slowdowns, labor shortages and inflation — though the latter of the three has generally moderated a bit as of late. To monitor and optimally respond to rising contract costs and market changes, contractors need a plan. Here are eight ways you can insulate your company against the higher …
At the very end of 2022, the IRS announced two new sets of regulations related to foreign pension funds: Final regs addressing the gain or loss of a qualified foreign pension fund attributable to certain interests in U.S. real property, and Proposed regs regarding the treatment of certain entities, including qualified foreign pension funds, for purposes …
How much revenue will the “global tax deal” generate? More than initially expected, according to the Organization for Economic Cooperation and Development (OECD). The OECD, which has been brokerinhttps://www.oecd.org/about/g worldwide negotiations on the international tax framework, recently announced an upward adjustment of revenue estimates, with a full report forthcoming. Two Pillars The global tax deal comprises …
