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Tax Articles

 

Understanding the New IRS Regulations on Inherited IRAs

Understanding the New IRS Regulations on Inherited IRAs

Posted by Robert Ingrasci on August 15, 2024

The IRS has issued final regulations for inherited IRAs, clarifying that most non-spouse beneficiaries must withdraw the entire balance within 10 years. These rules, effective in 2025, require annual distributions if the original account owner had started taking RMDs, while offering more flexibility for accounts where RMDs had not begun. Recent waivers also prevent penalties for missed distributions in certain cases.

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Anticipating Future Tax Changes for Businesses

Anticipating Future Tax Changes for Businesses

Posted by Cory Van Deusen V on August 08, 2024

The upcoming presidential and congressional elections could significantly alter the tax landscape for U.S. businesses, as many provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire at the end of 2025. Potential outcomes range from the complete expiration of these provisions to their extension or replacement with new tax laws. The future impact on your business will depend on the election results and subsequent legislative changes.

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Enhancing Estate Planning Flexibility with a Power of Appointment

Enhancing Estate Planning Flexibility with a Power of Appointment

Posted by Robert Ingrasci on August 08, 2024

A power of appointment in your estate plan provides flexibility by allowing a designated beneficiary to adjust trust distributions and modify beneficiaries based on current circumstances. There are two types of powers: general, which includes property in the holder’s taxable estate, and limited, which does not but may result in higher capital gains taxes for heirs. 

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Sales Tax Requirements for Drop Shipping Arrangements

Sales Tax Requirements for Drop Shipping Arrangements

Posted by Mark Stack on July 31, 2024

Drop shipments occur when a retailer takes an order and directs a wholesaler to ship the product directly to the customer. However, depending on the facts and circumstances, such as location and nexus status for all parties involved, how property is delivered, and how the title to property passes, the responsibility and requirement to charge and collect sales tax can change.

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Considerations for Launching a Manufacturing Company: Tax Treatment of Start-Up Costs

Considerations for Launching a Manufacturing Company: Tax Treatment of Start-Up Costs

Posted by Kristin Re’ on July 30, 2024

When launching a manufacturing company, it's essential to consider the tax implications of start-up costs. Eligible expenses can be deducted or amortized over time, with potential tax benefits depending on the total amount. Understanding these tax treatments helps ensure a strong financial foundation for your new business.

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Tax Treatment of Business Website Expenses

Tax Treatment of Business Website Expenses

Posted by Angela Miles on July 29, 2024

Website costs for businesses are subject to general tax rules, with specific considerations for hardware and software. Hardware costs can be deducted with bonus depreciation or under Section 179, with limits and phaseouts for each. Purchased software and license fees are generally deductible as ordinary business expenses. Payments to third-party developers are also deductible. Start-up website costs can be partially deducted or amortized, depending on the total amount. For precise guidance on handling these expenses, consult with a tax professional.

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Maximizing Estate Planning Goals with Roth 401(k) Contributions

Maximizing Estate Planning Goals with Roth 401(k) Contributions

Posted by D’Marie Kleeman on July 25, 2024

When choosing between traditional and Roth 401(k) contributions, consider both current and future tax implications as well as estate planning goals. Traditional 401(k)s offer immediate tax deductions but are subject to required minimum distributions (RMDs), potentially reducing the amount passed to heirs. Roth 401(k)s, while funded with after-tax dollars, allow for tax-free withdrawals and are exempt from RMDs starting in 2024, making them a valuable tool for estate planning.

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Navigating Tax Responsibilities When Closing a Business

Navigating Tax Responsibilities When Closing a Business

Posted by Cheryl A. Jankowski on July 22, 2024

There are various tax obligations to handle when shutting down a business due to economic challenges. Filing final tax returns, paying outstanding taxes, cancelling an Employer Identification Number (EIN), and issuing final wage and tax statements to employees are some of the many responsibilities of business owners face when closing their doors.

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Securing Wealth for Multiple Generations with a Dynasty Trust

Securing Wealth for Multiple Generations with a Dynasty Trust

Posted by Isabella Newman on July 18, 2024

A dynasty trust allows individuals to preserve and protect substantial wealth for multiple generations, potentially avoiding federal gift, estate, and generation-skipping transfer (GST) taxes. It can be established during one's lifetime or through a will and offers significant tax benefits and flexibility in designating beneficiaries. While irrevocable, it provides a lasting legacy with various protections and conditions for descendants.

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IRS Issues Revised Draft Form 6765, Credit for Increasing Research Activities

IRS Issues Revised Draft Form 6765, Credit for Increasing Research Activities

Posted by Megan Morris-Smith on July 15, 2024

The IRS on June 21 announced in IR-2024-171 a revised draft version of Form 6765, Credit for Increasing Research Activities. These revisions, influenced by comments received from external stakeholders, come after the IRS’s ongoing efforts to impose stricter documentation requirements on taxpayers claiming the research credit.

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