Demystifying Inherited IRAs and Navigating the RMD Maze

Inheritance brings its own set of challenges. Within the vast world of financial legacies, inherited Individual Retirement Accounts (IRAs) stand out thanks to their annual withdrawal requirements, also known as Required Minimum Distributions (RMDs). With these RMDs comes the caveat of taxation. However, when the Secure Act of 2019 was introduced, it brought clarity and…

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Navigating the Tax Implications of Remote Work: An Essential Guide for Business Owners

As we increasingly embrace the post-pandemic era, the world of work has undergone a significant shift. Many companies have opted for remote work models, dispersing employees across various states and countries. However, while beneficial in many respects, this transition carries complex tax implications for businesses. Understanding these implications and adapting accordingly has become vital to…

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Claiming the Employee Retention Credit: A Comprehensive Guide to Deadlines, Scams, and the Importance of Qualified Advisors

As businesses continue to grapple with the financial aftershocks of the COVID-19 pandemic, one beacon of relief remains within reach: the Employee Retention Credit (ERC). This tax credit, designed to support businesses that have kept their workforce intact despite considerable pandemic-related challenges, is still up for grabs. However, claimants must heed specific deadlines, exercise vigilance…

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3 Strategies for 2023 to Reduce Your Tax Burden

As we approach the halfway point of 2023, it’s the perfect opportunity to evaluate your business tax planning and determine ways to decrease your tax burden. Employing the right strategies can reduce your taxes, optimize your cash flow, and enhance your long-term financial success. In this article, we’ll introduce three tax strategies for 2023: Roth…

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Common Control Entities and Lease Accounting Methods

The new lease accounting methods have been an important topic for businesses over the last few years. Determining if an enforceable lease exists is an integral part of Topic 842 that affects how and what gets reported under these lease accounting methods. Compliance for certain leases is being simplified for organizations that fall under common…

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The Top 12 Tax Scams to Avoid According to the IRS

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud.  The IRS releases an annual ‘Dirty Dozen’ list featuring the…

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5 Common Mistakes Your Tax Return May Reveal

What does your tax return say about your financial situation? The paperwork you file each year offers excellent information about how you are managing your money—and the areas where it might be wise to make changes in your financial habits. By taking the proper steps, your tax return will be transformed from a passive bag…

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Tax Treatment of the California Middle Class Tax Refund

The IRS has issued guidance on the tax treatment of the California Middle Class Tax Refund (MCTR), as well as payments made to qualified residents in 20 additional states. IRS 2023-23 states that taxpayers will not need to report these tax payments on their 2022 tax returns in the ‘interest of sound tax administration.’  The…

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Will your tax bracket change in 2023?

The IRS has released the updated tax brackets, deductions, and credits for the 2023 tax year. While tax filing for this year won’t happen until early 2024, it’s important to pay attention to your tax rate. Strategizing now can help minimize your tax liability and maximize your income potential. Here are the updated numbers for…

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