Why Is the FASB Issuing This Accounting Standards Update (ASU)?
Why Is the FASB Issuing This Accounting Standards Update (ASU)?
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago.
With the final regulations of the SECURE 2.0 Act now issued, some changes have occurred regarding inheriting IRA’s. The primarily controversial requirement of the act states that some beneficiaries must take Required Minimum Distributions (RMD’s) throughout a 10-year period if the original account holder died on or after their Required Beginning Date (RBD). With this, there are some additional major tax implications stating that some inherited IRA’s must also be fully distributed/emptied within the 10-year period of inheritance. Here is a summary of the updated requirements and what account owners and beneficiaries should prepare for.
Success in business is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a company can consistently turn a profit.
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis.
The U.S. job market has largely stabilized since the historic disruption of the pandemic and the unusual fluctuations that followed. But the fact remains that employee retention is mission-critical for businesses. Retaining employees is still generally less expensive than finding and hiring new ones. And strong retention is one of the hallmarks of a healthy employer brand.
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have.
In June, the IRS and the Department of the Treasury issued guidance to close potential loopholes in the tax code for partnership entities. Utilizing funding from the Inflation Reduction Act, one of the IRS’ focal points is partnership basis and how shifting it between related parties (either partnerships or partners) is generating potentially unfair tax benefits for taxpayers.
Few, if any, companies can operate successfully today without the right information technology (IT) strategy. And as businesses grow, their IT needs and infrastructures become even more complex and costly.
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.
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