Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.
Cryptocurrency has become a significant part of many investment portfolios, offering both opportunities and challenges. One of the critical challenges is ensuring that these digital assets are included in your estate plan. Proper estate planning for cryptocurrency is essential to ensure that your assets are transferred smoothly to your beneficiaries and to avoid potential legal complications. Here's a comprehensive guide on how to incorporate cryptocurrency into your estate planning.
Cryptocurrency has revolutionized the financial world, offering new opportunities for investment, spending, and innovation. However, with great opportunity comes significant responsibility, particularly in the realm of tax compliance. As the popularity of digital currencies like Bitcoin, Ethereum, and others continues to grow, so does the scrutiny from tax authorities. Understanding what constitutes a taxable event and how to stay compliant is crucial for any cryptocurrency enthusiast.
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code for individuals and businesses. Now, many of those provisions are set to expire at the end of 2025.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.
Mergers and acquisitions are complex transactions that require careful planning and execution. One critical component of any M&A deal is navigating the tax obligations of both parties. In 2024, changes in tax regulations, evolving global economic conditions, and new compliance requirements are reshaping the tax landscape for M&A transactions.
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations.
In recent years, the debate surrounding wealth inequality and tax reform has gained significant traction across the US. Among the states at the forefront of this conversation is Massachusetts, where the “Millionaires Tax” has sparked both support and opposition. In November of 2022, Massachusetts approved the Fair Share Amendment, a 4% tax on state residents with an annual income of greater than $1 million.
