OECD impacts international cooperation and treaties

Obstructing the international Organization for Economic Cooperation and Development (OECD) can have consequences. Recently, Hungary (whose corporate tax rate is 9.9%) blocked the European Union from finalizing an OECD agreement to set a minimum tax of 15% on large multinational corporations. Now, the U.S. Treasury Department is dismantling the United State’s tax treaty with Hungary. […]

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other related forms for […]

Tax Incentives to own a home

There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. If eligible, they can also exclude from gross income up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal residence. The Joint Committee […]

Last call for lease accounting

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal […]

Estate Tax exemption portability

The IRS has updated the procedure for obtaining an extension to elect “portability.” Making a portability election allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must […]

Here’s how your summer internship is taxed

Here’s how your summer internship income is taxed — and when you can expect a refund https://cnb.cx/3o7zTZy

Whistleblowing has a long (and lucrative) history

your first place to start for social security online

Social Security Online: Your First and Best Place to Start https://bit.ly/3zaQuli 

Reconciliation Bill negotiations

Congress is back in session and negotiations are underway between Sen. Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on a scaled-back, nearly $1 trillion reconciliation bill. To date, the two have agreed on a Medicare prescription drug pricing proposal that’s estimated to save the government $280 million over the next 10 years. They’ve also […]

Preparing for Disasters

Preparing for Disasters https://bit.ly/3aBKAjN