IRAs are an important tool for many individuals when it comes to managing their long-term financial goals. IRAs are generally considered investment vehicles that are exempt from tax, but this may not always be the case.

Individual Retirement Accounts (IRAs) described in section 408 are subject to the unrelated business income tax (UBIT) to the extent their gross unrelated business taxable income (UBTI) exceeds $1,000. IRA fiduciaries generally have the responsibility of filing Form 990-T, Exempt Organization Business Income Tax Return, but the tax liability belongs to the IRA.

In Keeton v. Commissioner the Tax Court denied the taxpayer a bad debt deduction saying it failed to have records proving the debt.

When employers pay employees with property or stock, rather than cash, special rules under section 83 apply.

SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.

Now that Research & Experimentation expenses must be amortized over several years, many companies are looking for ways to increase deductions and reduce taxable income. Here are three opportunities to potentially accelerate depreciation and reduce your tax liability.

The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update for Leases (Topic 842). The update addresses related-party arrangements between entities under common control. This video provides an overview of the proposed changes.

The FASB and IASB have provided standards for properly recognizing revenue in your financials. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the standards and how to properly recognize revenue for your company.

President Biden announced a plan to extend the pause on student loan repayments and offer student loan forgiveness to millions of borrowers. Under the Student Loan Debt Relief Plan, eligible borrowers will have up to $20,000 of their student loans forgiven. Watch this video to learn more about the program.

You have mapped out your estate plan and feel confident in its estate tax efficiency. However, it is important to consider the income tax ramifications of each decision throughout the planning process to avoid unintended consequences.

While most companies expense the cost of research and development activities, most fail to take advantage of the R&D tax credit. Learn how the tax credit works and what expenses qualify for it.

For many teenagers, summer often means a time for sports camps, swimming in the pool, and working a summer job. For many parents, this means dealing with the tax implications of their child’s income. In this article, we'll provide an overview of what tax filings may be required for your working teenager.  

Many wealthy individuals have taken steps to maximize their lifetime gift tax exemption before it reverts back to a lower level in 2026. However, the IRS recently proposed new guidance that would allow for clawbacks of certain gifted assets. Learn more about the proposed changes in this article.

In February of 2022, the IRS and Treasury released proposed regulations that provide updated guidance for the SECURE Act of 2019, including significant changes for beneficiaries of inherited IRAs and 401(k) plans.