Benefits of a living trust for your estate

If you have significant assets, you should consider establishing a living trust to avoid probate. Probate is the legal process intended to make sure a deceased person’s assets are properly distributed. However, going through probate typically means red tape, legal fees and your financial affairs becoming public information. You can avoid this with a living […]

Debt Bill passes

On May 31, the U.S. House of Representatives passed a bill to suspend the debt ceiling through Jan. 1, 2025. The Fiscal Responsibility Act will limit non-defense federal spending, and according to the Congressional Budget Office, would reduce federal budget deficits by $1.5 trillion over the next 10 years. Among other provisions, the bill will […]

Student Loan Debt

Tax relief may be available for student loan debtors, but only if they meet income requirements. Individuals with qualified student loans can deduct on their federal income tax return up to $2,500 of interest annually if their modified adjusted gross income is $75,000 or less ($155,000 for married couples filing jointly). If they earn more, […]

FASB votes to exempt private companies from disaggregation of income statement project

Private companies can breathe a sigh of relief: The Financial Accounting Standards Board (FASB) and the Private Company Council have agreed to give them a pass on a coming proposal that, if approved, would require expanded footnote disclosures about expenses. The reason for the exemption is that the projected costs of complying with the proposal […]

Which medical expenses are tax deductible?

Can we simplify the tax code?

The American Institute of CPAs (AICPA) believes the U.S. tax code should be simpler, much simpler. In a letter to the IRS, the AICPA urged the agency and U.S. Treasury Dept. to “continue pursuing tax simplification.” Among the suggestions supplied by the AICPA were safe harbor alternatives; clear and consistent definitions and simple, general rules; […]

Do you maintain your tax-exempt status?

Under Section 501(c)(3) of the tax code, an organization can be exempt from federal income tax if it’s operated exclusively for charitable, religious, scientific or other qualified purposes. In one case, a coffee shop/restaurant was operated as a tax-exempt organization. It was granted a tax exemption to provide training and employment opportunities for certain individuals. […]

Ranking Property Taxes on the 2023 State Business Tax Climate Index

Ranking Property Taxes on the 2023 State Business Tax Climate Index https://bit.ly/3ozpUjH

IRS renewing efforts to alert businesses of misleading ERC claims

The IRS is renewing its efforts to alert business owners of misleading claims involving Employee Retention Credits (ERCs). Indeed, there continues to be a barrage of broadcast advertising, direct mail solicitations and online promotions about ERCs. “Aggressive promoters are wildly misrepresenting and exaggerating who can qualify for the credits,” the IRS said. In response, the […]

Income matching on your tax return

The IRS electronically matches the information you report on your tax return with what’s reported by others on documents such as W-2s and 1099s. If there are discrepancies, your return may be flagged for closer scrutiny by the IRS. When we prepare your return, be sure to tell us about all income, even if you […]