Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transactions to the IRS.
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If you are resuming student loan payments soon, be aware that interest is deductible for some borrowers subject to certain limits. Here are the rules.
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You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC).
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Have you heard there’s an enhanced tax credit for making energy-efficient home improvements, beginning this year? Here are the rules.
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There may be a way to reduce a large tax bill if you own appreciated land that you want to subdivide and develop for sale. Here’s a three-step strategy.
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Nursing home care is expensive. However, there may be tax breaks if your parent is moving into one.
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What would happen if one of your nonprofit’s volunteers harmed someone while volunteering for you? No matter how much you prize them, volunteers present litigation risks. We recommend four best practices.
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Some taxpayers can look forward to receiving transitional relief from the IRS related to the required beginning dates for taking required minimum distributions from retirement plans.
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If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings. Here are the rules of the road.
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Nonprofits need to incorporate tax planning into their special event preparations. Whether you’re hosting a formal dinner, 5K run or multi-speaker conference, tracking revenue and expenses is critical.
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When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business. Here are the key considerations.
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Some assets are easier to address in your estate plan than others. Transferring a significant amount of frequent flyer miles can be tricky (or maybe not even possible).
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Your nonprofit doesn’t have to be on a fast track. But it should foster new ideas and innovation that will make it easier to achieve, and even expand, your mission. Here’s what to do if you’re languishing.
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Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here’s how.
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When planning your estate or inheriting assets, it’s essential to understand the “step-up” basis rules. They can affect the taxes due on the sale of the assets.
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Most nonprofits benefit when they accept donations from supporters in whatever form they want. So if you don’t yet accept cryptocurrency, what are you waiting for?
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Help keep charitable organizations honest by putting restrictions on your gifts.
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Launching a business? Here’s how start-up expenses are handled on a federal tax return.
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If your nonprofit hopes to land a large gift, it needs to go to the source: high-net-worth donors. Easier said than done, right? Learn more about wealthy philanthropists and how to get their attention.
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The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.
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