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INDIVIDUAL TAX | 08/10/2024 Equity-based compensation is a valuable tool for attracting and retaining top talent, but it comes with complex tax and accounting implications. Common forms of equity-based compensation include: Understanding the nuances of equity-based compensation is critical to managing tax liabilities and ensuring compliance with IRS and financial reporting requirements. Tax Considerations for …
TAX PLANNING | 08/08/2024 With key provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) set to expire at the end of 2025, many business owners are reassessing their entity structures. The expiration of the qualified business income deduction (Section 199A) and the reversion of individual tax rates in 2026 raise questions about …
GIFT & ESTATE | 07/23/2024 As the saying goes, “You can’t take it with you.” When it comes to your wealth, the key question is: Where do you want it to go? After your passing, your assets can be directed toward one of three destinations: If your estate is subject to taxes, proactive planning can …
INDIVIDUAL TAX | 07/16/2024 If you’re a taxpayer with income from rental activities or other real estate investments, it’s important to understand whether the IRS considers you a real estate professional. This consideration impacts the tax treatment of any rental income or losses and, consequently, may result in significant tax savings. Do You Qualify as …
INDIVIDUAL TAX | 07/07/2024 For many Americans, disability income provides essential financial support during challenging times. If you currently receive or expect to receive disability benefits, it’s important to understand how they’re taxed. The tax treatment depends on the type of benefit and, most importantly, who paid for the coverage. Key Consideration: Who Paid for …
PROPRTTIES | 06/23/2024 When operating or selling rental real estate, it’s essential to understand the tax implications associated with intangible assets. These can include lease acquisition fees, lease cancellation fees, and loan origination fees. Properly classifying and handling these assets for tax purposes can help property owners manage liabilities, optimize deductions, and make informed decisions. …
PROPERTIES | 06/09/2024 When operating or selling rental real estate, it’s essential to understand the tax implications associated with intangible assets. These can include lease acquisition fees, lease cancellation fees, and loan origination fees. Properly classifying and handling these assets for tax purposes can help property owners manage liabilities, optimize deductions, and make informed decisions. …
INDIVIDUAL TAX | 06/05/2024 Business vehicles can be crucial for your company’s operations, but the costs of purchasing and maintaining a company car can be substantial. For small- to medium-sized business owners, buying a vehicle for business use can take up a significant portion of the annual budget. To offset some of these expenses, you …
PUBLIC & EDUCATION | 05/22/2024 Independent schools face significant risks if they make tax-related errors, from reputational damage to potential financial sanctions. Even small mistakes on tax filings or missteps in operational activities can force schools to spend months—or even years—on costly damage control. What steps can tax-exempt schools take to mitigate these risks? By …
TAX PLANNING | 05/20/2024 Business owners can structure their companies in several different ways, depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Anyone starting a business should consult a qualified tax professional, such as an accountant or tax …