Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.
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If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.
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Internal auditors can provide assurance that a nonprofit’s internal controls are effective at minimizing risk. But audits have a lot more to offer, including strategic insights. Read on.
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Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
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Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.
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Nonprofits are obligated to use resources to support their mission and benefit those they serve. Here’s why insisting on accountability is one of the best ways to meet those goals.
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Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid.
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Employees pay Social Security tax on their wages up to the current tax year’s “wage base..” The Social Security Administration just announced the base amount for 2021.
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Even if your nonprofit is weathering 2020’s multiple storms, your staffers may be anxious. Make sure you’re clear about where you stand and how you expect your organization to fare financially in the future. Here’s how.
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Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.
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The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.
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Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
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With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
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The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
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Did you know life insurance proceeds could be included in your taxable estate? You can avoid this by transferring policy ownership, but you shouldn’t wait too long to do it.
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Before your nonprofit joins a collective impact initiative, review five typical requirements. It could mean the difference between reaching charitable goals and the group fizzling out.
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Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
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Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
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With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.
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President Trump issued an executive order on August 8, 2020 deferring the payroll tax obligation in light of the ongoing COVID-19 pandemic. The order defers the withholding, deposit and payment of payroll taxes during the period September 1, 2020 through December 31, 2020.
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