Consider Creating a Living Will

A living will can help ensure your last medical wishes are carried out According to a University of Pennsylvania report, approximately 37% of Americans have … [Read more...]

Businesses: Prepare for the lower 1099-K filing threshold

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required … [Read more...]

Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next … [Read more...]

Form I-9 Flexibilities Ending Soon

Form I-9 Rule Flexibilities Ending Soon DHS Ending Temporary Policy for Form I-9 Identity Documents Beginning May 1, 2022, the Department of Homeland Security … [Read more...]

Why you should keep good records of major home improvements

When you sell a principal residence that has appreciated in value, you generally can exclude $250,000 ($500,000 for married couples) of the gain from tax. But … [Read more...]

Understanding the terms of health care directives

Estate planning experts usually cite the need to include advance health care directives in a comprehensive estate plan. But there may be different legal names … [Read more...]

The tax mechanics involved in the sale of trade or business property

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business … [Read more...]

Congress eyes further retirement savings enhancements

In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings … [Read more...]

Tax considerations when adding a new partner at your business

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new … [Read more...]

Tax issues to assess when converting from a C corporation to an S corporation

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax … [Read more...]