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The U.S. Department of the Treasury and the Internal Revenue Service on December 12 released a revenue procedure that sets out the process for manufacturers of clean vehicles to enter into written agreements with the Secretary of the Treasury whereby they agree to submit periodic written reports… Read more
The IRS on December 2 released updated draft 2022 partnership instructions for Form 1065 Schedules K- 2 and K-3 that, among other changes, revise a new exception to filing and furnishing to partners Schedules K-2 and K-3 for 2022. The new exception was originally included in an earlier draft of the…
Are you contemplating some significant improvements to your home? Whether it's adding a pool to assist with a medical condition, finishing a basement or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Here are four potential building blocks.
Do you own a life insurance policy that's no longer essential to your financial goals? You may have purchased a policy long ago, when your children were infants or before their college years. Now that you're no longer raising a family, your focus has probably changed to your own future needs, which…
Medicare health insurance premiums can add up — especially if you're upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on your tax…
Is your company struggling to tackle all its accounting needs? Companies that have lost a CFO, outgrown their bookkeeper, changed their offerings or experienced high growth can have a hard time finding the right accounting expertise — at the right price — in today's tight labor market.
Limited partners claiming an exemption from Self-Employment Contributions Act (SECA) taxes may be putting themselves at risk – in certain circumstances. In fact, more recently, it has become even riskier. Why? Because the rules are unclear, and the IRS has prioritized this issue in examinations and…
If you own a highly appreciated vacation home that you're ready to unload, the sale will generate a large gain — and a sizable tax bill. However, if you're still bullish on real estate and don't need cash right away, there's a way to minimize the tax hit. Instead of selling the property outright,…
Although the residential real estate market has cooled off in many areas, the values in some locations are still at — or near — all-time highs. If you've owned your principal residence for a while, it may currently be worth a lot more than you originally paid for it.