If you use or invest in cryptocurrency, you may have seen something new on your tax return this year. And you may soon discover a new form reporting requirements for digital assets.  Make sure you check the box Starting from tax year 2022, taxpayers are required to check a box on their tax returns that […]

If you’re considering creating a retirement plan for yourself and your employees but you’re concerned about the cost and administrative hurdles involved, take heart: there are some good options available to you.  In this article, we’ll explore two types of plans that small business owners can use to get the ball rolling with retirement: Simplified […]

On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. This updated guidance clarifies issues pertaining to rental agreements between businesses with the same owner. Written vs. verbal leases Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements, explains how related business entities […]

One of the most common questions for people planning their estates or inheriting assets is: What is the “cost” (or “basis”) a person gets in property that is inherited from someone else? This vital area is often overlooked when families start planning for the future. According to the fair market value basis rules (otherwise known […]

If your business occupies a large space and needs to expand or move to a new space in the future, it’s important to keep the rehabilitation tax credit in mind. If you appreciate the charm of historic buildings, this is especially true. The federal rehabilitation tax credit is designed to encourage the preservation of historic […]

If you’re an art collector, you may be curious about the tax breaks that come with donating a work of art to charity. You should be aware that many different tax rules come into play when making these kinds of contributions. Basic rules A deduction for a donation of art can be reduced if the […]

Once you have completed your 2022 tax return, you may be curious about what tax documents you can toss in the recycling bin and how long you should keep other important documentation. You might be required to produce these records if the IRS decides to audit your return or needs to assess tax. It’s a […]

Creating flexibility within your estate plan using different strategies is worth considering when planning for the future. Because life circumstances can change over time (especially those involving tax laws and family situations), it’s important to use techniques to provide greater flexibility for your trustees. One such method is decanting a trust. What is decanting? Decanting […]

Navigating deferred taxes can be a confusing process, and the accounting rules for reporting deferred taxes can sometimes seem arbitrary and nonsensical when viewed through the lens of real-world economics. Here’s a brief article to help simplify this complex subject. What are deferred taxes? Companies are required to pay income tax on taxable income as […]