Tag: Tax Strategy

In general, organizations that qualify under Section 501(c)(3) of the tax code are exempt from paying federal income tax. However, some not-for-profits may seek to offset unrelated business income tax (UBIT) or income tax in Read More

Under the Corporate Transparency Act (CTA), many businesses had to begin complying with new reporting requirements on January 1, 2024. But on March 1, 2024, the U.S. District Court for the Northern District of Alabama Read More

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. Read More

What would happen if your company failed to pay the IRS payroll taxes when they're due? You could be on the hook for penalties and, if you're treated as a "responsible party," held personally liable Read More

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it's scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it's now use-it-or-lose-it time for the Read More

What's the tax outlook when manufacturers purchase equipment and other tangible property, various tax breaks are available, including Section 179 expensing and first-year bonus depreciation. For 2024, bonus depreciation has dropped another 20 percentage points Read More

The IRS released two new schedules in recent years, Schedules K-2 and K-3. These new schedules are an expanded reporting requirement intended to provide more clarity and transparency for partners and shareholders of pass-through entities Read More

If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. Read More

As we turn the page to a new tax year, now is the time to start planning for tax savings opportunities for tax year 2024. The Work Opportunity Tax Credit (WOTC) is one potential opportunity. Read More

Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe a sigh of relief: On November 21, 2023, the IRS announced that the deadline for the new $600 reporting threshold won't go into Read More