Strategies for Supercharging, Extending, and Rollover of 529 Accounts. A section 529 plan is a tax-advantaged way to save for a child’s college education, and it is important to stay informed about current tax issues that may affect it. Contributions
Implications for Policyholders and Financial Reorganization Strategies Selling policyholders life settlement were subject to a greater tax burden due to the lower cost basis because proceeds up to the policyholder’s cost basis are not subject to taxation. As record-high inflation
Farhy v. Commissioner Case Paves the Way for Taxpayers to Reclaim Penalties Fees Under new regulations, the IRS can no longer administratively assess penalties for not filing or being late with foreign information forms, such as Forms 5471, 5472, 8865,
Tips and Tools for Seamless Remote Accounting Collaboration The rise of remote work has had a significant impact on the accounting industry. Accounting firms, like many other businesses, have had to adjust to a new way of working that requires
A Guide to Building a Successful Career as a Remote Financial Professional. In recent years, the role of a virtual Chief Financial Officer (CFO) has become increasingly popular among businesses of all sizes. A virtual CFO is an experienced financial
Additionally, the IRS has granted taxpayers an extension until July 31, 2023, to file tax returns and make payments. Taxpayers in Indiana who were affected by tornadoes and severe storms on March 31 and April 1, 2023, have been granted
Evaluating Self-Discipline, Communication, Technical Proficiency, Collaboration, Adaptability, and Work Samples As more companies move to remote work, accountants are no exception. Working from home can provide flexibility and convenience, but it also requires a different set of skills and traits
How a Go-Between Can Help You Save Taxes on Real Estate Transactions. If you are a real estate investor or business owner, you may have heard about Section 1031 of the tax code, which allows for a tax-deferred exchange of
National Taxpayer Advocate Raises Concerns Over Funding Allocation. The Internal Revenue Service (IRS) is a much-maligned agency that has long faced criticism for its poor customer service. However, there are recent reports that the agency is starting to improve, particularly
Modernizing the Agency for a Digital-First Approach Small business owners have long had a complicated relationship with the Internal Revenue Service (IRS). Filing taxes can be a daunting and confusing task for entrepreneurs, and the agency’s reputation for being bureaucratic