What does your CPA need from you? The following is a list of general information that should be gathered for your income tax returns. Tax Information Needed Individual income tax returns: If...
© 2023 Individual taxpayers are potentially liable for the net investment income tax (NIIT) if their modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying widows or...
© 2023 Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds are popular alternatives, but...
© 2023 Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax...
© 2023 Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy...
Authored by RSM US LLP, December 22, 2023 On Dec. 21, 2023, the IRS announced the details of an anticipated employee retention credit Voluntary Disclosure program (ERC-VDP) for employers who claimed and received an ERC...
Time is ticking towards the January 16th deadline for the final 2023 quarterly estimated tax payments. Don’t let this date slip by unnoticed!...
The IRS has announced the 2024 Standard Mileage Rates. Understand how these rates will affect your deductions for business, medical, moving, or charitable driving expenses. Explore this article to stay...