Bookkeeping provides a solid foundation for financial reporting

There are currently more than 33 million small businesses in the United States, according to the U.S. Chamber of Commerce. To succeed in today’s competitive markets, it’s essential for your business organization to have accurate books and records. Bookkeeping vs. accounting For starters, you should understand the distinction between bookkeeping and accounting. Bookkeeping refers to […]

Foreign Assets? You may be subject to FATCA

If you or your business are subject to the Foreign Account Tax Compliance Act (FATCA), you should know that enhanced security protocols went into effect July 14, 2024. Sign in or register with an IRS credential service provider (Login.gov or ID.me) and then log in to the FATCA Registration System (https://bit.ly/3WcZDnT). You’ll need to verify […]

Economy receives mixed reviews from Americans

Innocent spouse relief

“Innocent spouse” relief may protect individuals from additional tax and penalties if they’ve filed joint tax returns with spouses or ex-spouses who underreported income without their knowledge. But as a recent U.S. Tax Court case showed, such relief isn’t available in every situation. After the IRS wrongly paid a refund to a divorced couple, the […]

The US economic outlook

The International Monetary Fund (IMF) issued a report addressing the U.S. economic outlook. Topline: the IMF said the Federal Reserve shouldn’t cut interest rates until “late 2024.” IMF chief economist Pierre-Olivier Gourinchas said that due to a strong labor market, the Fed “could afford to wait” longer before cutting rates. The IMF added that to […]

Sales Tax Holidays by State, 2024

Sales Tax Holidays by State, 2024 https://bit.ly/4bY5zXB

Final regulations on RMDs issued

The IRS has issued final regulations on the required minimum distribution (RMD) rules for inherited IRAs. In 2022, the IRS issued proposed regs that provide that, if the deceased dies on or after the required beginning date for RMDs, beneficiaries must take taxable RMDs in years one through nine after death, receiving the balance of […]

Summer expenses may lead to tax savings

Summer isn’t tax season but it’s a season when some common activities have tax implications. If you get married, you should notify the IRS and Social Security Admin. about any name or address changes. If you’re sending your kids to day camp, depending on the details, you may qualify for the Child and Dependent Care […]

IRS ramps up compliance enforcement against certain businesses

The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns. Let’s take a closer look at three of the […]

School returns soon…Is your 529 plan in order?

Before long, school bells will be ringing again. If you’ve set up Section 529 college savings plans for your kids or grandkids, you know these plans bring federal (and possibly state) tax advantages. For example, qualified withdrawals are free from federal income tax, subject to limitations. But 529 accounts aren’t just for college. The funds […]