Understanding Which Option is More Beneficial for Your Taxes When it comes to claiming tax benefits, it’s important to understand the difference between a deduction and a credit. While both can lower your tax bill, a credit is generally more
Investors selling property can use various strategies to defer capital gains taxes on real estate investments. One of the less-known strategies is the 721 exchange, also known as the umbrella partnership real estate investment trust (UPREIT). Although the more popular
New Tax Credits and Provisions of the Secure Act Make it Easier to Offer Retirement Benefits Small businesses across the country are starting to offer 401(k) plans to their employees, thanks to new tax credits made available by the Setting
Top-tier energy and fuel businesses automate compliance with a single SaaS tax management solution to gain a competitive advantage. Energy and fuel businesses face numerous challenges when it comes to managing excise tax compliance. With complex tax laws that vary
What You Need to Know About the Capitalization and Amortization of R&D Costs Under the New IRS Regulations The new provisions in Section 174 of the Internal Revenue Code have led to significant changes that will affect businesses. These provisions
Five Time-Sensitive Actions to Take Upon Receiving a Notice of Selection for Examination. Due to the IRS’s increased focus on enforcement, many partnerships may be subject to their first IRS audits under the new, complicated partnership audit rules. Under these
Why Financial Planning is Essential for Accountants and How They Can Help Their Clients. As an accountant, your credibility is everything. Clients rely on you to manage their finances and provide sound financial advice to help them reach their goals.
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,