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For many people, December 31 means a New Year's Eve celebration. However, from a tax perspective, it means thinking about the filing status you'll use when filing your tax return for the year. The one you use depends partly on whether you're married on that date. Read more
How inventory is accounted for can have a significant impact on your tax bill if your business involves the production, purchase or sale of products. In some cases — particularly during periods of high inflation and stable inventory levels — adopting the last-in, first-out (LIFO) method could…
Competition for top-notch workers can be fierce. Your business currently may be understaffed due to a number of factors — including the "Great Resignation" and "quiet quitting" where employees do the bare minimum before eventually leaving. A proven way to help attract and retain the cream of the…
The U.S. Department of the Treasury and the Internal Revenue Service on December 12 released a revenue procedure that sets out the process for manufacturers of clean vehicles to enter into written agreements with the Secretary of the Treasury whereby they agree to submit periodic written reports…
The IRS on December 2 released updated draft 2022 partnership instructions for Form 1065 Schedules K- 2 and K-3 that, among other changes, revise a new exception to filing and furnishing to partners Schedules K-2 and K-3 for 2022. The new exception was originally included in an earlier draft of the…
Are you contemplating some significant improvements to your home? Whether it's adding a pool to assist with a medical condition, finishing a basement or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Here are four potential building blocks.
Do you own a life insurance policy that's no longer essential to your financial goals? You may have purchased a policy long ago, when your children were infants or before their college years. Now that you're no longer raising a family, your focus has probably changed to your own future needs, which…
Medicare health insurance premiums can add up — especially if you're upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on your tax…
Is your company struggling to tackle all its accounting needs? Companies that have lost a CFO, outgrown their bookkeeper, changed their offerings or experienced high growth can have a hard time finding the right accounting expertise — at the right price — in today's tight labor market.