Delinquent Taxpayers May Experience Passport Issues
Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]
Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you [...]
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels, and sell them off for a hefty profit, it [...]
It's hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can't afford to take a break from [...]
Comprehensive due diligence is essential if your business plans to acquire or merge with another organization. Without one, complicated implications could arise with the potential to significantly affect the profits [...]
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). Is it worth the trouble? Yes! Here are the rules of [...]
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the [...]
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts [...]
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone [...]
Different states have different rules for determining whether a trust is a "resident" for income tax purposes. State tax liability can depend on the location of settlors, trustees or beneficiaries. [...]
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk of paying personally. The Trust Fund Recovery Penalty (TFRP) [...]
Despite its name, the "kiddie tax" is anything but child's play. If you're not careful, this provision of the tax code can result in children having to pay significant extra [...]
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in [...]
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in [...]
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]