In light of the Memorial Day weekend storms, straight-line winds and tornadoes that have affected our Northwest Arkansas communities, we wanted to provide some important information regarding IRS tax relief and the qualified disaster loss rules that may apply to you. IRS Postpones Certain Deadlines The IRS has announced that they will postpone certain tax
The U.S. Department of Labor recently announced new overtime rules titled “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees.” These rules will take effect on July 1, 2024. Here is what you need to know: New Overtime Rules Purpose The rule updates and revises the regulations for determining whether
The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT. Are you subject to the Net Investment Income Tax? You’re potentially liable for the
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target
It is common for partners to bear the costs associated with the business of the partnership. This is particularly true in service-based partnerships like architecture or law firms. For instance, partners in service partnerships may have expenses for entertaining clients in order to cultivate new relationships. They may also have expenses for transportation to attend
Although the economy has bounced back from the uncertainties of the COVID-19 years, it can still be rough going for nonprofit organizations. According to Independent Sector, 2022 saw a 10% drop in donors. If your organization is struggling, you may need to report this in your financial statements. A going-concern evaluation will lay the groundwork
If you own a business or are embarking on an entrepreneurial journey, keeping meticulous business records of your income and expenses is non-negotiable. This practice is not only crucial for claiming every tax deduction you’re entitled to but also serves as your shield should the IRS scrutinize your tax returns. Effective recordkeeping and management of
Do you have to pay Social Security and Medicare Tax on your child’s wages? For sole proprietorships, single-member LLCs taxed as a disregarded entity, or partnerships owned by spouses: Payments to children under 18 years old are NOT subject to social security or Medicare taxes. This means that you don’t have to withhold those taxes
What is the electric vehicle tax credit? First things first: what electric vehicle tax credit is available for vehicles purchased on or after January 1, 2023? For new electric vehicles: Electric vehicles — also commonly called clean energy vehicles (we’ll be using both terms in this article) — purchased new on or after January 1,
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. QBI Deduction Basics The QBI deduction is written