Manufacturers should consider these 7 midyear tax-reduction moves now
July marks the halfway point of the year and is generally an ideal time for manufacturers to assess their tax situation and plan appropriate strategies for reducing their 2024 tax liability. Bearing in mind that every company’s situation is unique, […]
Read More Further investing in automated equipment may be the right move for manufacturers
Read More Federal Tax News for Individuals
Taking Money Out of Your IRA If you withdraw money from a traditional IRA before age 59½, you'll generally owe income tax plus a 10% penalty on the amount. But there are exceptions, including if you withdraw the money to […]
Read More Computing Tax Basis Counts when Selling a Highly Appreciated Home
Residential real estate prices in many markets have surged over the last few years. As a homeowner, you may be sitting on a significant unrealized gain, especially if you've owned your principal residence for a while. That's good news if […]
Read More Create a Workplace Safety Program, No Matter What Your Business Does
If you're a contractor, manufacturer or another type of business that deals with hazardous materials, you're probably already mindful of the legal and practical steps you need to take to safeguard your employees and facilities. On the other hand, if […]
Read More Federal court rejects FTC’s noncompete agreement ban
In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one […]
Read More Notice 2024-52 Sets Reference Price for Section 45I Credit on Marginal Well Natural Gas Production
The Internal Revenue Bulletin 2024-27, issued on July 1, 2024, includes Notice 2024-52. This notice sets the reference price at $2.04 per 1,000 cubic feet (mcf) for calculating the marginal well production credit (MWC) under section 45I for eligible natural […]
Read More IRS ramps up compliance enforcement against certain businesses
The IRS has announced several tax-compliance initiatives that focus on businesses. Here’s a look at three of them.
Read More IRS issues final regulations on inherited IRAs
The IRS has issued final regulations regarding inherited IRAs and other defined contribution plans.
Read More Federal Tax News for Individuals
1. 529 Accounts are not Just for College
2. What Happens in Summer May Be Taxable
3. Don't Ignore the IRS
4. Beware Scams Promoted on Social Media
5. When You and the IRS Disagree…
Read More How to Protect Your Business from Payroll Fraud Schemes
Any business that has employees could suffer payroll fraud and related schemes. Large or small, and regardless of industry, every business could become subject to this threat. The good news is, your organization can mitigate the risk by understanding the forms payroll fraud takes. This article explores common schemes and suggests ways to help detect or prevent them.
Read More 7 Midyear Tax Planning Tips for Individuals
Between BBQs, fireworks and baseball games, you should take some time this summer to consider tax planning moves that could lower your tax obligations for 2024. Proactive midyear planning can help avoid a year-end scramble to implement tax saving strategies before December 31. When it comes to tax planning, procrastination can be a costly mistake.
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