In the News

Copyright 2023

President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) on December 29, 2022. It's a critical part of the omnibus funding package that builds on the retirement-saving opportunities provided by the original SECURE Act of 2019.

Copyright 2023

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.

Copyright 2022

Games of chance like bingo and raffles are often synonymous with tax-exempt organizations. However, the income from such "gaming" activities operated by charities is not automatically tax-free. The IRS has provided more insight into the key rules in this area in its Publication 3079, Tax-Exempt Organizations and Gaming.

Copyright 2022

Let's say a partner in your medical practice exits partway through the firm's tax year. How are partnership tax items for that year allocated between the departing partner and the remaining partners? There is more than one way to handle this situation. In general, three methods are allowed for making such allocations.

Copyright 2022

Sooner or later, most construction firms need financing for an expansion, new equipment or a new facility. The process of approaching a lender can be daunting, but with a few well-planned steps, you can boost your chances of successfully finding the money you need.

Copyright 2022

No matter how careful your manufacturing company and your workers are, accidents and injuries can still happen. When they do, responding properly is an important factor in keeping your workers' compensation costs under control.

6 Steps

Here are six steps to take when an injury occurs:

Copyright 2022
Debtors typically experience a feeling of relief when a creditor agrees to forgive their debt. But that feeling often is replaced by shock and confusion when they learn they owe taxes on so-called "cancellation of debt" (COD) income. Read on to learn the tax rules for COD income and how they might affect your tax situation.
Copyright 2022
The need for long-term care assistance continues to grow. Roughly 5.8 million people in the United States used paid long-term care services in 2020, with about 1.9 million of those residing in long-term care facilities, according to the Congressional Budget Office. Seven out of ten people will require some form of assisted living care during their lifetimes.
Copyright 2022

There have been three recent developments in the cryptocurrency arena:

Copyright 2022

To qualify as a tax-exempt entity, a not-for-profit organization must comply with certain federal income tax laws. And to prove compliance, you must maintain records. There's no required recordkeeping system. In fact, your organization can choose any system that suits its activities and clearly shows your income and expenses.

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