Kiddie Tax – What a Parent Needs to Know
The Kiddie Tax was introduced in 1986 to prevent high-income parents from shifting their investment income to their children, who typically fall into lower tax brackets. While the term “Kiddie Tax” isn’t used in the tax code, it does succinctly describe this tax. The tax applies to unearned income, such as dividends, interest, and …
What You Need to Know about Gift & Estate Taxation
Gift and estate taxes are both part of the federal transfer tax system and are interconnected.
Gift tax applies to transfers of wealth during a person’s lifetime. If a person gives another person a gift that exceeds the annual gift tax exclusion ($17,000 in 2023), the giver (also referred to as the donor) may have …
Taxes and Holiday Gift Giving
The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits.
But be wary; during the holiday season, you may receive phone calls, texts, emails, snail mail, or appeals on social networking sites …
Year-End Tax Planning Opportunities Are Here
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for 2023 and 2024. Here are last-minute tax issues you might consider:
INDIVIDUAL PLANNING OPPORTUNITES
Not Needing to File a 2023 Return? – …
Accountable Plans: A Win-Win for Employers and Employees
As an employer or an employee one intricacy of tax laws and regulations that often goes unnoticed is the concept of Accountable Plans. These plans, when implemented correctly, can provide significant tax benefits for both employers and employees.
Under the Tax Cuts and Jobs Act (TCJA) signed into law by President Trump in 2017, the …
Obscure and Overlooked Tax Deductions, Credits, and Benefits
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are …
The Flash – IRS Provides Employers Way to Withdraw Erroneous ERC Claims
Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) by marketers or promoters into filing ineligible claims.
As part of a larger effort to protect small businesses and organizations from scams, the IRS …