Tax Compliance & Planning – Blog

Tax Tip – IRAs for Young Adults

Tax Tip – IRAs for Young Adults

As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time to consider how you can leverage an IRA.

New Crypto Rules Likely Coming

New Crypto Rules Likely Coming

If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements.  Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains.

IRS Opens ERC Voluntary Disclosure Program

IRS Opens ERC Voluntary Disclosure Program

In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we’ll explain how a 1031 exchange works and important considerations when using one.

The 1031 Exchange Explained

The 1031 Exchange Explained

In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we’ll explain how a 1031 exchange works and important considerations when using one.

IRS Announces ERC Withdrawal Process

IRS Announces ERC Withdrawal Process

The Internal Revenue Service (IRS) has established guidelines concerning the withdrawal of an Employee Retention Credit (ERC) claim for those employers who now believe they may not qualify. These guidelines, detailed on the IRS’s official website, outline the necessary steps a taxpayer must take to withdraw a claim for the ERC, under certain conditions.

Why the Cost of Customer Acquisition Is So Important

Why the Cost of Customer Acquisition Is So Important

For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we’ll explain what it is, how it’s calculated, and how it affects a business’s profitability, cash flow, and overall growth.

IRS provides guidance for RMDs under SECURE 2.0 Act

IRS provides guidance for RMDs under SECURE 2.0 Act

A recent IRS Notice provides essential guidance on required minimum distributions (RMDs) under SECURE 2.0. This article reviews that Notice and provides insights into the updated rules and deadlines for RMDs, helping taxpayers navigate the ever-changing landscape of retirement planning and compliance with IRS regulations.

IRS clarifies employee retention credit guidance

IRS clarifies employee retention credit guidance

The IRS has released additional guidance on ERC claims basing credit eligibility on supply chain disruptions. In a Generic Legal Advice Memorandum (GLAM) and IRS Notice, the IRS explores various scenarios and clarifies the requirements for employers to substantiate their claims.

Rev. Proc. 2023-24 Unveiled: Key method change updates

Rev. Proc. 2023-24 Unveiled: Key method change updates

The Internal Revenue Service (IRS) has released its yearly update to the revenue procedure controlling the implementation of accounting method changes, which may impact many taxpayers. The updated Rev. Proc. 2023-24, includes changes related to depreciation and R&D expenses, among other items.