Tax
The HSA: A healthy supplement to your wealth-building regimen
In addition to helping to reduce health care costs, a Health Savings Account can positively affect an estate plan because its funds grow on a tax-deferred basis, potentially building wealth for heirs.
Read MoreWorried About Your Unemployment Insurance Bill? What You Should Know
Great news for Minnesota nonprofits and businesses–lawmakers finally came to an agreement on how to repay the state’s unemployment insurance trust fund. How does this impact your organization?
Read MoreIRS increases standard mileage rate
The IRS has announced an increase in the standard mileage rates for the rest of the year.
Read MoreTalk of increasing the 2022 standard mileage rate
Democrats in the U.S. House of Representatives have asked IRS Commissioner Charles Rettig to increase the 2022 standard mileage rate used to deduct the cost of operating a vehicle for business purposes.
Read MoreThe Trust Fund Recovery Penalty (TFRP)
Businesses that withhold taxes from employees and others but don’t pay them over to the IRS may face a penalty equal to 100% of the unpaid tax.
Read MoreTracking business income through third-party payors
If you receive business income payments through third-party payors, 2022 might be a game changer for your taxes.
Read MoreOpening up to SLAT opportunities
Estate tax planning can become complicated when multiple parties are involved. For example, you have a spouse from a second marriage and children from your first marriage. Spousal lifetime access trusts, or SLATs, are designed to benefit your children or other heirs, while paying income to your spouse during his or her lifetime.
Read MoreWhat estate planning strategies are available for non-U.S. citizens?
If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen. Residency is a complicated subject and estate tax planning can get complicated if you or your spouse is a nonresident alien.
Read MoreEmployee or Independent Contractor?
Employee or independent contractor? When a court must decide how workers are to be classified, it looks at various factors.
Read MoreImportant Reminder: How the IRS Contacts Taxpayers
During this busy tax season, the IRS is reminding individuals how it will and, more importantly, won’t contact taxpayers.
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