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Understanding the Form 8300 e-filing requirements for cash transactions over $10,000

Understanding the Form 8300 e-filing requirements for cash transactions over $10,000

Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash transactions over $10,000. Learn who must file, the e-filing requirements, and how to apply for a waiver if e-filing is challenging for your business.
IRS cautions against companies misrepresenting wellness and nutrition expenses as medical costs

IRS cautions against companies misrepresenting wellness and nutrition expenses as medical costs

The IRS has issued a warning against companies misrepresenting personal health and wellness expenses as medical expenses. Understand the potential tax implications and how to use your health spending accounts responsibly. Keep yourself informed and avoid falling victim to these misrepresentations.
Exploring holding companies: how they work and why they matter

Exploring holding companies: how they work and why they matter

Holding companies offer benefits such as tax efficiency, liability protection, and privacy, but they also present challenges and complexity. This article provides an overview of what holding companies are, how they work, and their pros and cons.
Mitigating the Risk of Deepfake Fraud

Mitigating the Risk of Deepfake Fraud

With the rise of AI, deepfake fraud is on the rise, resulting in significant financial losses for companies. Explore the need for increased employee education and enhanced security measures. Reach out to us to learn how to protect your organization against these sophisticated cybercrimes.
Building sustainable wealth: 5 key considerations for emerging high earners

Building sustainable wealth: 5 key considerations for emerging high earners

Get valuable insights on how to build sustainable wealth as an emerging high-earner. This article dives deep into managing lifestyle creep, understanding income tax, and making tax-efficient investments. Learn how to leverage everyday expenses to lower your tax bill and preserve wealth.
Rollout of the IRS’s $1 billion penalty relief program

Rollout of the IRS’s $1 billion penalty relief program

The IRS is offering a penalty relief program to taxpayers affected by its operational difficulties during the pandemic. Find out if you qualify for this program that is expected to impact around 5 million tax returns.
Recent changes: retirement plan eligibility for long-term part-time employees

Recent changes: retirement plan eligibility for long-term part-time employees

As of 2024, certain long-term part-time employees are eligible to participate in 401(k) plans. This article provides a detailed understanding of the changes to retirement plan rules brought about by the SECURE Acts.
Smart finance for startups: 6 mistakes you can’t afford to make

Smart finance for startups: 6 mistakes you can’t afford to make

Launching a startup is an exciting venture, but it's easy to overlook some crucial financial aspects. This article highlights six financial mistakes that can make or break your startup's success. Learn how to avoid these common pitfalls and build a thriving business.
Maximize Your Health Savings With an HSA

Maximize Your Health Savings With an HSA

Maximize your health savings account benefits and avoid unnecessary taxes and penalties. Discover the eligibility criteria, benefits, and how to effectively manage your HSA.
Financial analysis of leasing vs. purchasing a vehicle

Financial analysis of leasing vs. purchasing a vehicle

Understanding the financial differences between leasing and purchasing a vehicle can save you a significant amount of money. This article provides a detailed breakdown to help you make an informed decision.
Practical strategies for managing a sudden financial gain

Practical strategies for managing a sudden financial gain

Are you equipped to handle a sudden financial gain? Learn four steps you can take to navigate tax planning and potential tax burdens associated with a financial windfall.
Understanding the Backdoor Roth IRA

Understanding the Backdoor Roth IRA

Are you a high-income earner seeking ways to optimize your retirement savings? Get a full grasp of how the Backdoor Roth IRA can be an effective tool for you.
Expansion of energy tax credits under the Inflation Reduction Act

Expansion of energy tax credits under the Inflation Reduction Act

Discover how the IRA's expanded energy tax credits offer substantial incentives for a range of projects, from solar power to energy storage. Delve into the specifics of these credits and learn how these changes can benefit project developers and innovators in the energy sector.
Navigating the new DOL guidance on worker classification

Navigating the new DOL guidance on worker classification

The U.S. Department of Labor's new rule reinstates the "economic reality test" for distinguishing employees from independent contractors and underscores the significant legal and financial consequences of misclassification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their worker classifications are under the updated guidelines.
Self-employed? Here’s how to pick between a SEP IRA and Solo 401(k) for your retirement

Self-employed? Here’s how to pick between a SEP IRA and Solo 401(k) for your retirement

Explore two popular retirement plans, SEP IRA and Solo 401(k), for the self-employed in this overview, focusing on their benefits, drawbacks, and the strategic considerations for choosing between them. Learn about higher contribution limits, flexibility, and tax advantages these plans offer. Get insight into which plan best fits your retirement goals and business structure.
From partnerships to side gigs, who really owes self-employment taxes?

From partnerships to side gigs, who really owes self-employment taxes?

Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.