May 24, 2022
Every two years, the Association of Certified Fraud Examiners (ACFE) publishes a study detailing the costs, schemes, perpetrators and victims of occupational fraud. “Occupational Fraud 2022: A Report to the Nations” was recently released. It covers more than 2,100 cases of… Read more »
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ACFE, ACFE Study, Association of Certified Fraud Examiners, Combating Fraud during the Pandemic, Finding Fraud, fraud, Median losses, New ACFE Study, Percent Reduction in Fraud Loss, Preventing Fraud, Role of cryptocurrency, Top 10 Trends in White Collar Crime, Trends in White Collar Crime
May 4, 2022
When it comes to selling your business, you must consider the buyer’s perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here’s… Read more »
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Asset Deals, Buyer Concerns in Asset Deals, Buyer Due Diligence When Purchasing Ownership Interests, Buyer's Perspective: Allocating Purchase Price for Asset Deal, Corporate Stock Deal Treated as Asset Deal, Due Diligence Considerations When Selling a Business, Primary Due Diligence Concerns for Sellers, Review of insurance policy loss payable endorsements, Seller's Perspective: Allocating Sale Price for Asset Deal
May 4, 2022
Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages. Here are eight reasons why it’s better to be an owner, rather than… Read more »
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Deduction for Home Improvements, Deduction for Mortgage Points, Energy Credits for Home Improvements, Home Office Deduction, Home Sale Gain Exclusion, Mortgage Interest Deduction, Private Mortgage Insurance, Property Tax Deduction, Unlock 8 Tax Breaks for Home Ownership
March 28, 2022
Involved in Crypto? Here Are Some Tax Issues 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… Read more »
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Crypto, Federal Tax, foreing housing cost exclusions, gig income, individuals, passport revocation case, tip income
March 28, 2022
Economic fallout from the COVID-19 pandemic caused some rental real estate properties to run up tax losses in 2020 and 2021, as tenants struggled to pay rent. If you’re a landlord, you may have had to negotiate lease modifications that were… Read more »
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bonus depreciation, key write-offs, landlords, section 179, tax angles
March 28, 2022
If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022…. Read more »
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cash-method accounting, section 179, small business, tax breaks
February 17, 2022
Tax Season Filing Tips Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you’ve gathered all 2021 tax documents received, such as W-2s and 1099s. In addition,… Read more »
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filing tips, household employers, irs top 10 criminal cases, irs-related scams, taxable social security benefits
February 17, 2022
Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both known and unknown — related to the business that’s being… Read more »
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asset purchase, buyer beware, buyers, buying a business, ownership interest
February 17, 2022
The total amount of outstanding student loan debt is estimated at approximately $1.75 trillion, including $1.59 trillion in federal student loans. It’s also estimated that 43.2 million student borrowers owe an average of roughly $39,000 each. The good news is that,… Read more »
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debt relief, student loan debt, tax implications
January 26, 2022
Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to… Read more »
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business tax, businesses, Federal Tax, tax news
January 26, 2022
The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you’ll owe the AMT for those years have been significantly reduced — and, if you… Read more »
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AMT, exemption deductions, home equity loan, ISOs, SALT deductions, Tax Credits
January 26, 2022
The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2022 2021 Social Security Tax Wage Base $147,000… Read more »
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2022, inflation, tax figures
January 10, 2022
The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable… Read more »
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Annual Gift Exclusion, Estate Tax, gift splitting, gift tax basics, tax-free gifts
January 10, 2022
Did You Know There Are 5 Filing Statuses for Federal Tax Returns? Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain… Read more »
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collectible coins, cost-of-living adjustment, deductible, educators, filing statuses, IRA, out-of-pocket expenses
January 10, 2022
The credit for increasing research activities, commonly referred to as the research and development (R&D) credit, is one of the biggest and best tax breaks available to manufacturing companies. Unlike a deduction, a credit is a dollar-for-dollar reduction of a business’s… Read more »
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common misconceptions, how to qualify, manufacturers, manufacturing, R&D, tax credit
November 8, 2021
While stock values have mostly gone up so far this year, bull markets don’t last forever. And the price of a particular stock can fluctuate up or down, independent from the market’s overall trend line. When you make what turns out… Read more »
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cryptocurrency, stock values, tax losses, wash sale rule
November 8, 2021
According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than they experienced before. So if… Read more »
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ACFE, COVID-19, FRA, fraud, new normal, pandemic, risks
November 8, 2021
Parents of College Age Children May Qualify for a Tax Credit For purposes of the Child Tax Credit for the 2021 tax year, a qualifying child is one who doesn’t turn 18 before January 1, 2022, and who satisfies certain… Read more »
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Check Withholding for the Year, College Age Children Qualify for a Tax Credit, Delinquent Taxpayers Contend with Liens and Levies, IRS Uses to Audit Taxpayers, Social Security Taxes and Benefits for 2022
September 28, 2021
The Per Diem Rates for 2021-2022 Are Announced The IRS has announced the special per diem rates, which are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and… Read more »
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Electric Vehicles are Eligible for Valuable Tax Break, Per Diem Rates, PPE Eligible Medical Expense, Qualifying Disaster Victims for Tax Relief
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