Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better control your insurance costs without sacrificing the quality of your policies: 1. Review coverage periodically. … Read More
Dealing with the IRS is often frustrating. But as a taxpayer, you’re entitled to know how to comply with tax laws and why certain actions are taken. In fact, the IRS must adhere to 10 specific rights, known as the Taxpayer Bill of Rights. One of those is the right to be informed when changes … Read More
Recently, the news media has given a lot of attention to initial public offerings using special purpose acquisition companies (SPACs). But there’s another major transaction that’s gaining momentum amid the economic chaos caused by the COVID-19 pandemic: privatizations. Going private (also known as delisting) has many benefits, including: Reduced accounting, regulatory and governance costs, Fewer … Read More
Are you missing a key tax document? Or did you receive a document with errors? Employers must send W-2s (Wage and Tax Statements), Forms 1099-NEC (Nonemployee Compensation Statements) and other 1099s by Jan. 31 each year. If you’re missing a form or received an incorrect document, start by contacting the employer or other responsible entity. … Read More
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the … Read More
It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency? According to the IRS, some examples of a transaction involving virtual currency are the receipt … Read More
The IRS has established its first-ever Taxpayer Experience Office. The new office will focus on all aspects of taxpayers’ transactions with the IRS. Specifically, in the near-term, the office will seek to expand customer callback, provide additional payment options, secure two-way messaging and offer more services for multilingual customers. The office will work in conjunction … Read More
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five alternatives … Read More
Among the many consequences of Russia’s invasion of Ukraine are higher energy prices and fears about oil and gas shortages. But recently, Senate Finance Committee Chairman, Ron Wyden (D-OR) argued that Congress can kill two birds with one stone by passing clean energy tax incentives. Tax breaks could help reduce the country’s dependence on foreign … Read More
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax … Read More