Written by: David Bryant, CPA A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more…
Treasury Announces Long-Awaited Final Rules on Electric Vehicle Tax Credits
On May 3, 2024, the U.S. Treasury Department unveiled the final IRS regulations for the electric vehicle (EV) tax credit of up to $7,500 for new and previously owned EVs. These new requirements are intended to enhance aspects of the…
IRS Issues Draft Form for Reporting Digital Asset Proceeds from Broker Transactions
Written By: Eric Gashin, CPA, MBA On April 19, 2024, the IRS published draft Form 1099-DA for reporting digital asset proceeds from broker transactions. The draft form is to be furnished by brokers of digital assets beginning in 2025. The…
Navigating State Tax Credits and Incentives for Business Expansion
Written by: Jonathan C. Hitter, CPA, MST, CGMA Navigating through various financial strategies is essential for any business owner aiming to enhance profitability and ensure sustainable growth. These financial benefits, offered by state governments, are designed to spur economic development…
Employee Retention Credit: Prompt Response Necessary as IRS Sharply Increases Compliance Action Through Taxpayer Audits
Written By: Jonathan C. Hitter, CPA, MST, CGMA To combat a wave of frivolous employee retention credit (ERC) claims, the IRS has sharply increased compliance action through audits and criminal investigations, with more activity planned in the future. In this…
Strategies for Managing Capital Gains in Business
Written by: Jonathan O. Yorks, CPA Navigating the realm of capital gains and optimizing tax outcomes require strategic thinking and informed decision-making. Understanding and employing effective capital gains tax strategies is crucial for businesses contemplating asset sales or long-term investments.…
The Role of Tax Planning in Sustainable Business Growth
Written by: William Cooper, CPA For many business owners, taxes often represent a hurdle to clear rather than a strategic asset to leverage. However, those who look beyond mere compliance can unlock the transformative power of tax planning as a…
Preparing for Change: Strategic Tax Planning for High-Income Earners Ahead of TCJA Sunset Provisions
Written by: Stephen Candelario, CPA As key provisions of the Tax Cuts and Jobs Act (TCJA) approach sunset, high-income earners find themselves at a pivotal moment. Post-2025, several advantageous provisions are set to expire. This article explores the significant changes…
Maximizing QCDs for Strategic Giving and Tax Benefits
In the landscape of financial planning and tax optimization, Qualified Charitable Distributions (QCDs) stand out as a powerful mechanism for individuals looking to enhance their philanthropic impact while optimizing their tax situation. This article delves into the core of QCDs,…
Understanding the Tax Relief for American Families and Workers Act of 2024
The House Ways and Means Committee approved The Tax Relief for American Families and Workers Act of 2024, symbolizing a legislative victory for taxpayers, especially small business owners and professionals. This proposed legislation deserves a detailed look due to its…