A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real property held for investment or for productive […]
Read More Important considerations when engaging in a like-kind exchangeIf you’re a “gig worker” or freelancer, your tax obligations are different from an employee’s. You’re considered self-employed, so clients don’t withhold taxes from your payments. But even if they don’t send you information returns (such as Form 1099-K), you owe tax on that income. Gig workers may have to pay quarterly estimated taxes. Or, […]
Read More What are the tax obligations of a “gig worker”?The pandemic has presented numerous challenges for businesses, but it also taught us how to be resilient, cost-conscious and adaptable. Over the last few years, we’ve learned that remote working arrangements offer many benefits, including reducing the time and cost of performing many tasks. Here’s how these lessons translate to the work auditors do to […]
Read More Remote auditing: A brave new worldTo help defray the sky-high cost of gas, taxpayers who use their vehicles for business saw the standard mileage rate rise on July 1, from 58.5 cents to 62.5 cents. But you could lose that tax benefit if you neglect to keep good records as you go. In one case, a consultant and his wife’s […]
Read More Taxpayer loses deduction because of recordkeepingWho Needs Earthquake Coverage and Why – Insurance Journal https://bit.ly/3OvzTxl
Read More Who Needs Earthquake Coverage and WhyMaking the most of your CRM software
Read More Making the most of your CRM softwareAs a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]
Read More Your estate plan: Don’t forget about income tax planningDid IRS hiring practices during COVID-19 put taxpayer data at risk? The Treasury Inspector General for Tax Administration (TIGTA) recently took a look. By Jan. 2022, about 1,900 people hired from late March 2020 to mid-July 2021 hadn’t yet had their employment eligibility documents physically inspected, including some I-9 forms. Many were hired with deferred […]
Read More Taxpayer data at risk?Taxpayers can hire their children to work in their businesses but the children must hold legitimate jobs. In one case, a consultant and his wife’s estate weren’t entitled to business deductions for payments to “assistants,” who were the couple’s children and a grandchild. The payments were for alleged reimbursement or compensation for services provided in […]
Read More Children employed in family businessesIRS again faces backlog, bringing refund delays for paper filers – Detroit Free Press https://bit.ly/3IVpLgc
Read More IRS again faces backlog, bringing refund delays for paper filers
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