In this episode Real Estate Tax Director John Ebenger shares an overview of 1031 exchanges, a tax deferral strategy for real estate investors.
In this episode Director of Tax Services Andrew Leonard shares the latest in ERTC deadlines and requirements.
Under the IRS’s 65-day rule, estates and certain complex trusts still have some time to reduce their income-tax liabilities for 2021, but immediate action is required. Calendar year-end trusts have until Sunday, March 6, to distribute trust income to beneficiaries and treat those payments as if they occurred in 2021. Doing so not only reduces […]
When establishing a trust, grantors must take special care to ensure trust documents clearly communicate how they intend the trust and its assets be treated for income-tax purposes. While there are a variety of different types of trusts with assorted names and features to meet an equally broad range of needs and goals, one of […]
Plaintiffs seeking compensatory and punitive damages for physical injury or mental distress often fail to recognize the tax implications of the lawsuit damages awarded to them. That information typically is revealed by legal counsel, who must have a firm understanding of the nuances of the U.S. tax code and, more importantly, how to apply those […]
The IRS began accepting individuals’ 2021 federal income tax returns on January 24, marking the beginning of the 2022 tax filing season. For this year, taxpayers will have an additional three to four days to meet the filing deadline, known as Tax Day, which typically falls on April 15. In 2022, Tax Day falls on […]
Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]
For the first time in two years, the IRS has raised some of the optional standard mileage rate that taxpayers may use to calculate deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes in 2022. Taxpayers also have the option to calculate these expenses based on the actual costs […]
Preventative care is critical to averting serious (and often costly) emergencies. Just as annual medical exams can help to prevent disease, regular check-ups with your accountants and advisors can help you avoid surprise tax bills and penalties come the April tax return-filing deadline. Under the U.S.’s pay-as-you-go system of taxation, individuals are required to pay […]
Under the U.S.’s pay-as-you-go system of taxation, individuals are responsible for reporting and paying taxes on all income they receive in a given tax year, either as it is received or by the date of the taxpayers’ annual tax return-filing deadline. While taxes are automatically withheld from most workers’ wages and paid directly to the […]