Facing a Future Emergency: Two New Tax Provisions May Soon Provide Relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional [...]
Planning a Graceful and Profitable Exit from Your Small Business
At some point, every business owner leaves the company, either voluntarily through retirement or otherwise. Some businesses will outlive their founders. Others can't survive without the continued involvement of a [...]
Crypto Losses Are Currently Exempt from the Wash Sale Rule
The IRS classifies cryptocurrencies as property rather than securities. So, the wash sale rule doesn't apply if you sell a cryptocurrency holding for a loss and acquire the same [...]
The Tax Implications of Renting Out a Vacation Home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, [...]
Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes, and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
What are the tax implications of winning money or valuable prizes?
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. [...]
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn't. Taxpayers may be surprised [...]
New Upcoming Requirement for Businesses that Receive Large Amounts of Cash
Does your business receive large amounts of cash or cash equivalents? If so, you're generally required to report these transactions to the IRS — and not just on your tax return. [...]
IRS Orders an Immediate Stop to New Employee Retention Tax Credit Processing
After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic [...]
Investment Swings: What’s the Tax Impact?
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final [...]
Plan Now For Year-End Gifts With the Gift Tax Annual Exclusion
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By [...]
Businesses: It’s Time to Get Ready for the New Corporate Transparency Reporting Rules
Attention: 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 [...]
Crypto: What Taxpayers Need to Know
Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and services. However, crypto transactions have important federal tax implications that [...]
Guaranteeing a loan to your corporation? There may be tax implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation [...]
Selling Your Home for a Big Profit? Here Are the Tax Rules
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in [...]