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Tax Court reaffirms IRS lack of authority to assess Form 5471 penalties

Tax Court reaffirms IRS lack of authority to assess Form 5471 penalties

Tax Court's national jurisdiction gives taxpayers significant advantage in Form 5471 penalty disputes
Updated accounting publications on goodwill and long-lived assets

Updated accounting publications on goodwill and long-lived assets

RSM's guidance covers the complexity of accounting for long-lived assets and options under private company accounting alternatives.
Maximize Section 179 Tax Benefits: What Businesses Need to Know

Maximize Section 179 Tax Benefits: What Businesses Need to Know

Section 179 allows businesses to claim significant tax deductions on new asset purchases, but annual adjustments and limitations can complicate the process. This article breaks down qualifying assets, depreciation phaseouts, and strategies to maximize tax benefits. Discover how bonus depreciation complements Section 179 deductions and what businesses should consider as tax rules evolve. Read the full article for expert insights and actionable strategies.
Unlock Tax Savings with These Business Building Deductions

Unlock Tax Savings with These Business Building Deductions

As businesses adapt to post-pandemic work models, many are updating facilities or acquiring new spaces. Did you know these expenses could unlock tax savings? This article outlines seven tax breaks for business buildings, including depreciation, energy-efficiency incentives, ADA compliance benefits, repair deductions, and more. Whether upgrading signage or tackling landscaping, knowing these options can save your business money. Read the full article for a breakdown of these tax-saving strategies.
Celebrate the Season and Save: Tax Deductions for Holiday Parties

Celebrate the Season and Save: Tax Deductions for Holiday Parties

Celebrate the season and save on taxes! Your company holiday party might qualify for a 100% deduction if it meets specific IRS guidelines. This article breaks down the rules for deducting holiday party costs, gifting employees, and maintaining proper records to avoid costly tax missteps. Find out how to maximize your holiday festivities while keeping your business tax-savvy. Read the full article to learn more.
How to Use Charitable Donation Bunching for Greater Tax Benefits

How to Use Charitable Donation Bunching for Greater Tax Benefits

With the changes to tax laws under the Tax Cuts and Jobs Act, fewer taxpayers are able to benefit from charitable deductions unless they itemize. One way to make the most of charitable contributions is to use the "bunching" strategy, where you make larger donations in alternating years to exceed the standard deduction and claim itemized deductions. This article provides a detailed look at the tax rules surrounding charitable contributions, explains the bunching strategy, and suggests how a donor-advised fund (DAF) can help simplify your giving. Read the full article for more tips on maximizing your charitable tax deductions.
Unwrap the Fine Print: Essential Gift Card Tips to Maximize Your Holiday Giving

Unwrap the Fine Print: Essential Gift Card Tips to Maximize Your Holiday Giving

Gift cards are a popular and practical choice for holiday gifts, but they come with hidden fees, expiration dates, and rules that both gift givers and recipients should understand. This article outlines the potential drawbacks of prepaid and retail gift cards, including activation and inactivity fees, along with legislative protections for consumers' rights. Whether you're giving or receiving a gift card this season, be sure to read the fine print and avoid unnecessary fees. Read the full article for tips on how to make the most of your gift card purchases.
How the Latest IRS Decision Could Impact Your 401(k) Matching Contributions

How the Latest IRS Decision Could Impact Your 401(k) Matching Contributions

A recent IRS ruling could offer 401(k) participants more flexibility by allowing them to allocate matching contributions to other tax-advantaged accounts, such as Health Savings Accounts (HSAs), Retiree Health Reimbursement Arrangements (HRAs), or educational assistance plans for student loan reimbursements. This change could have significant benefits for employees, though it may also introduce new administrative complexities for employers. Understanding the details and implications of this ruling is crucial for both employees and employers. Read the full article for more insights.
TCJA and Hobby Losses: Can You Still Deduct Your Sideline Activity’s Losses

TCJA and Hobby Losses: Can You Still Deduct Your Sideline Activity’s Losses

If you have a sideline activity that consistently generates losses, the IRS may classify it as a hobby, making deductions for those losses difficult. This article breaks down the challenges of hobby-related losses under the TCJA, offering advice on how to prove that your activity is a legitimate business. Learn about the IRS's safe-harbor rules, the importance of showing a profit motive, and factors that can help turn a money-losing activity into a deductible business expense.
Cash vs. Accrual Accounting: Which Method Will Benefit Your Business Most?

Cash vs. Accrual Accounting: Which Method Will Benefit Your Business Most?

Deciding between cash or accrual accounting for tax purposes can have a significant effect on your business's financial strategies. This article covers the eligibility criteria for using the cash method under the Tax Cuts and Jobs Act (TCJA) and examines the advantages of both accounting methods. Businesses should carefully evaluate the method that best suits their financial structure to optimize their tax outcomes. Learn how to choose wisely and avoid unnecessary complications when switching methods. Read the full article for expert advice.
How Financially Smart Are You? Take Our Quiz to Find Out!

How Financially Smart Are You? Take Our Quiz to Find Out!

Test your financial knowledge with our 12-question quiz on retirement planning, credit, taxes, and more. From understanding the "50/30/20" rule to knowing when you can make catch-up contributions to your retirement accounts, this quiz is a fun way to see how well you know the personal finance essentials. Take the quiz now and learn more about how to secure your financial future.
Surging mental health needs challenge health care, but also provide opportunities

Surging mental health needs challenge health care, but also provide opportunities

The Department of Health and Human Services and related agencies recognize the need to ease restrictions on access to mental health and wellness services
IRS issues guidance for section 25C energy efficient home improvement credit

IRS issues guidance for section 25C energy efficient home improvement credit

Section 25C energy efficient home improvement credit proposed regulations and Rev. Proc, 2024-31 released.
Strategic health care M&A requires strict capital allocation discipline, despite falling rates

Strategic health care M&A requires strict capital allocation discipline, despite falling rates

As the changing rate environment affects the operating environment, we expect strategic players will evaluate more deals, at a rate above the historical averages.
FASB proposes guidance on accounting for government grants

FASB proposes guidance on accounting for government grants

A proposed FASB ASU addresses recognition, measurement and presentation of government grants by business entities.