Tax Compliance & Planning – Blog

Why the Cost of Customer Acquisition Is So Important

Why the Cost of Customer Acquisition Is So Important

For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we’ll explain what it is, how it’s calculated, and how it affects a business’s profitability, cash flow, and overall growth.

IRS provides guidance for RMDs under SECURE 2.0 Act

IRS provides guidance for RMDs under SECURE 2.0 Act

A recent IRS Notice provides essential guidance on required minimum distributions (RMDs) under SECURE 2.0. This article reviews that Notice and provides insights into the updated rules and deadlines for RMDs, helping taxpayers navigate the ever-changing landscape of retirement planning and compliance with IRS regulations.

IRS clarifies employee retention credit guidance

IRS clarifies employee retention credit guidance

The IRS has released additional guidance on ERC claims basing credit eligibility on supply chain disruptions. In a Generic Legal Advice Memorandum (GLAM) and IRS Notice, the IRS explores various scenarios and clarifies the requirements for employers to substantiate their claims.

Rev. Proc. 2023-24 Unveiled: Key method change updates

Rev. Proc. 2023-24 Unveiled: Key method change updates

The Internal Revenue Service (IRS) has released its yearly update to the revenue procedure controlling the implementation of accounting method changes, which may impact many taxpayers. The updated Rev. Proc. 2023-24, includes changes related to depreciation and R&D expenses, among other items.

IRS and Treasury release guidance for monetizing energy credits

IRS and Treasury release guidance for monetizing energy credits

The IRS and Treasury Department have recently released guidance on the monetizing energy credits for businesses. This guidance provides clarity on the process of claiming and monetizing these credits, which can provide significant financial benefits for companies that invest in renewable energy sources.

Business Travel Expenses: Per Diem vs Actual Expenses

Business Travel Expenses: Per Diem vs Actual Expenses

If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so that you can maintain accurate records, control costs, and take advantage of potential tax benefits. Watch this video to learn about business travel expenses, per diem allowances, and how they affect employees and employers.

6 Misconceptions of a Revocable Living Trust

6 Misconceptions of a Revocable Living Trust

A revocable living trust, or RLT, offers many benefits, including probate avoidance, privacy, and flexibility in managing assets during one’s life, incapacity, and death. However, despite their popularity as an estate planning tool, there are many misconceptions surrounding revocable trusts that lead to confusion and misunderstandings. Watch this video to learn about the top six misconceptions.

IRAs can be subject to Income Tax

IRAs can be subject to Income Tax

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.

IRS Dirty Dozen Top Tax Scams To Avoid

IRS Dirty Dozen Top Tax Scams To Avoid

Each year, the Internal Revenue Service publishes its annual Dirty Dozen list of tax scams highlighting various schemes that put taxpayers and their financial well-being at risk. In this video, we’ll provide an overview of five of the top scams on the list.

IRAs are subject to the unrelated business income tax

IRAs are subject to the unrelated business income tax

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.