Feb 29, 2024 | Business Planning, Closely Held Business, Tax News
As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Companies...
Feb 27, 2024 | Business Planning, Closely Held Business, Tax News
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It’s the business you’re in that affects the type of records you need to keep for federal tax purposes. How long should you keep...
Feb 22, 2024 | Personal Financial Planning, Tax News
When selling your home, you might qualify for the opportunity to exclude part of, if not all, the gains you make from the sale from your income. However, for this possibility to apply to you, it is vital that you meet certain ownership and use tests. In other words,...
Feb 15, 2024 | Personal Financial Planning, Tax News
The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for each of their qualifying dependents who cannot be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent, directly reducing the...
Feb 13, 2024 | Personal Financial Planning, Tax News
The Child Tax Credit is for individuals who claim a child as a dependent if the child meets certain conditions. The Child Tax Credit was created in 1997 and has been expanded several times since, most recently in 2020. The COVID-19 pandemic profoundly affected how,...
Jan 30, 2024 | Personal Financial Planning, Tax News
The Internal Revenue Service has announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing about $1 billion in...