STAY UP TO DATE WITH POSSIBLE CHANGES IN US ACCOUNTING RULES

An advisory panel of the United States Securities and Exchange Commission (SEC) has voiced its concerns about the country’s accounting rules, claiming that they have not been modernized to fit the current economic situation. The group explained that the Financial Accounting Standards Board (FASB) could take up to 20 years to make a new set […]

HELP US ENABLE YOU TO MANAGE YOUR COMPANY’S CRYPTO ASSETS RESPONSIBLY

While crypto is still not widely accepted as a form of payment, some businesses in the United States accept it. For those businesses, it’s imperative to know what constitutes virtual assets for reporting and tax purposes. This way, you can ensure that your business stays on top of its financial responsibilities to the government. What […]

HELP US MAKE YOUR BUSINESS’S TAX WORK AS SIMPLE AND TRANSPARENT AS POSSIBLE

Your business may be interested in a potential revision of the income tax disclosure rules by the Financial Accounting Standards Board (FASB). The Leventhal School of Accounting of the University of Southern California hosted the 40th Annual SEC and Financial Reporting Institute Conference on June 2, 2022. A conference panel discussed the complexity of managing […]

HOW TO PLAN FOR TAXES WHEN RETIRING ABROAD

Are you getting close to retirement age and trying to figure out where you should go to make your money last as long as possible? Consider retiring to a foreign country. However, before settling on a retirement country, it’s vital to consider the tax ramifications, since not all countries provide the same advantages. Income Taxes […]

CHOICES FOR SMALL COMPANIES’ RETIREMENT PLANS

Half of all Americans who work in the private sector are employed by small firms, according to the US Small Business Administration. However, most small firms do not provide their employees with retirement savings opportunities. Like many U.S. small business owners, you may be thinking about your company’s retirement plan alternatives. Increasingly, retirement funds come […]

INFLATION REDUCTION ACT OF 2022 KEY TAX PROVISIONS

The Inflation Reduction Act (IRA), which was signed into law on August 16, 2022, has tax policies impacting corporations, people, the clean-energy sector, and the healthcare industry, among others. Let’s have a look: Businesses Sec. 461(l) Business Loss Limitation. Tax reform introduced the pass-through tax deduction for small business owners (sole proprietorships, certain limited liability […]

PUT YOUR CHILD’S SUMMER EARNINGS TO WORK WITH A ROTH IRA

This year, there are a lot of jobs for teens, so now is a great time to think about opening a Roth IRA for your minor child. What you need to know is listed below. What is an IRA Roth? A Roth IRA is a type of IRA that lets you put money into it […]

IRA DIVIDENDS TO CHARITIES THAT MEET REQUIREMENTS

If you are 70 1/2 or older and retired, you might want to take advantage of a law that lets you pay less or no income tax on IRA withdrawals that go directly to a qualified charity. You can use this method even though you don’t have to take minimum distributions until you’re 72. They […]

2022 TAX SCAMS

“Dirty Dozen” schemes target taxpayers. It comprises aggressive and developing tactics that taxpayers should avoid. This year’s “Dirty Dozen” tax scams: CRAT eliminates taxable gain. Appreciated property is transferred to a CRAT. Taxpayers incorrectly assert that transferring appreciated assets to a CRAT increases their basis to fair market value as if they were transferred to […]

ARE AMENDMENTS TO YOUR RETURN REQUIRED?

Don’t freak out if you find a mistake on your tax return after you’ve already submitted it. The majority of the time, all you need to do is submit an updated tax return. How Do I File an Amended Return? Which Tax Form? To submit an updated (corrected) tax return, taxpayers can utilize Form 1040X, […]