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Explore how AI is transforming the world of accounting, enhancing efficiency and accuracy without replacing the human touch.

Understand the M&A trends in 2024 and how businesses are leveraging these opportunities to strengthen their market position.

Struggling with uncollectible debts? This article explains how to manage bad debts, including how to report them, track allowances, and handle unexpected repayments—all while staying compliant with tax rules.

With the rise of legal sports betting and online gambling, it’s crucial to understand the IRS reporting requirements associated with your winnings. Discover the thresholds for different types of gambling and how to report your earnings accurately. Learn how to avoid potential penalties and comply with IRS regulations.

The IRS is making significant strides in processing Employee Retention Credits. Gain a deeper understanding of these recent updates and their implications for your business. Stay ahead of the curve by reading our latest article.

The IRS is set to dramatically boost audits on high-income earners, major corporations, and complex partnerships. Find out what these changes mean for you and how to prepare effectively.

As the Tax Cuts and Jobs Act (TCJA) approaches its 2026 expiration, businesses face significant corporate tax changes. While the flat 21% corporate tax rate remains, key provisions such as the Qualified Business Income (QBI) deduction, bonus depreciation, and Opportunity Zone incentives are set to expire. Businesses must act swiftly to maximize benefits from expiring deductions, plan significant purchases to leverage higher bonus depreciation rates, and capitalize on Opportunity Zone investments before capital gains deferral benefits end. Additionally, employers should assess the impact of the imminent end of the employer credit for paid leave and consider alternative strategies to support employee well-being. As fringe benefits exclusions are reinstated in 2026 and limits on deductions for business losses are relaxed starting in 2029, businesses must strategize to navigate the changing tax landscape effectively. Consulting with expert advisors for personalized guidance is recommended to ensure optimal tax planning and business strategies.

The IRS proposed significant changes to regulations governing donor-advised funds (DAFs) in late 2023, potentially impacting existing funds. These proposed rules, while not final, could apply retroactively, necessitating proactive understanding and preparation. The regulations redefine eligible funds, donors, and donor-advisors, expanding the definition of DAFs and clarifying the roles of advisors. Implications include potential excise taxes on distributions managed by investment advisors and expanded eligible distributions. Sponsoring organizations should conduct thorough reviews of existing funds and seek guidance from legal and tax professionals to ensure compliance. While awaiting finalization and further guidance, proactive measures are crucial to navigate the evolving landscape of DAF regulations.

The article discusses the complexities surrounding the tax advantages of qualified small business stock (QSBS) as provided by Sec. 1202, particularly in estate planning. Besides offering a significant tax break for noncorporate taxpayers, it also presents several ambiguities especially concerning holding periods, QSBS stacking, the role of incomplete gift nongrantor trusts (INGs) and charitable remainder trusts (CRTs), the tax status of spouses, and transfers of QSBS. As IRS and legal clarity remains elusive on many related issues, the article recommends a coordinated approach among tax advisors, obtaining legal opinions, and possibly requesting private letter rulings from the IRS to mitigate potential risks.