Tax

1. Retirement Plan Distribution Tax Rules 2. Consequences of Unpaid Federal Tax Debt 3. A Proposal to Scrap the IRS 4. Advantages of Using Direct Deposit 5. Excludable Income from Some States

Some charitably inclined seniors will be happy to hear that the tax rules for qualified charitable distributions (QCDs) have just become more favorable under the new SECURE 2.0 law. If you have an IRA, here are two major improvements you might be able to use, along with an overview of how QCDs can have favorable tax implications.

When times are tough, debt forgiveness may seem like a blessing — but it can result in unexpected tax consequences for the unwary. Here's an overview of rules for so-called "cancellation of debt" (COD) income, including the differences between recourse and nonrecourse loans. Beware: There are many exceptions and exclusions that complicate the rules.

On December 29, President Biden signed the omnibus spending bill, which includes the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Among many other provisions, this new law includes five major taxpayer friendly changes that may help you save for retirement. Here are the details.

Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more.

Home improvements may provide sizable tax savings. But there's a catch: You must follow the IRS blueprint.

Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Here are some of the provisions.

If your manufacturing company needs new equipment, now is the time to purchase it and place it into service to maximize tax breaks relating to depreciation

The IRS recently announced the 2023 annual inflation adjustments for many tax provisions, including tax rates, the standard deduction, the alternative minimum tax exemption, the annual exclusion for gifts, the estate tax exclusion and more.

Today's market conditions have brought working capital management to the forefront. What's worked for your business in the past might not make sense in the current economy.

Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning steps.

As 2022 winds down, now is the time for your business to take stock of its tax situation and implement year-end tax planning strategies.