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) [...]
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In [...]
Today, almost everyone owns some sort of digital asset — and some of these assets can be quite valuable. But if your estate plan doesn't account for digital assets properly, [...]
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 [...]
If you’re 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]
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 [...]
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive [...]