Have you ever wondered why your accountant sets up quarterly estimated tax payments? This article is intended to serve as a brief, not all-inclusive, explanation as to why some individuals are required to pay in estimated tax payments, and what happens if they don’t pay…
The use of trusts can be an effective way to avoid certain taxes and to control assets from beyond the grave. Trusts and wealth management are very complex situations, that require much deliberation when determining if to use a trust and what type of trusts…
Thinking about retirement in the coming years? Here are some helpful tools to help you prepare and plan better. According to the Social Security Administration, the benefit for social security will increase 3.2 percent in 2024. Back in 2019, the Secure Act was signed into…
Before you or your company makes a payment to a foreign person, there are some withholding rules you need to be aware of. Who is a foreign person? Before knowing the withholding rules, it is important to understand whether the person/entity you are paying is…
Whether you are paying off your own student loans, or paying the student loans of another person, higher education can be a very costly endeavor. Thankfully there are a number of tax benefits that exist to lower the amount of liability you will have from…
Are you an accounting student who is feeling overwhelmed by the recruiting process? This column is a series intended to help you succeed as you begin your journey with the accounting profession. Internship As an intern through various Spring tax seasons, the hardest thing for…
The flexibility with working remote and traveling can be attractive, but it is important to be aware of the tax implications associated with it. Starting off, it is important to understand which state you are a resident of. A resident state is a state you…
The tax landscape for businesses is ever-evolving, and in response to changes in federal tax laws, states often implement their own measures to maintain fiscal balance. One such initiative is the New York Pass-Through Entity Tax (PTET), which aims to address the limitations imposed by…
Just what every business owner wants to hear, an audit requirement. However, an audit of your organization’s employee benefit plan can be very beneficial for the organization, the plan and its participants. Let’s get started with what potentially triggers an audit requirement for a benefit…
There are a lot of different strategies that people pursue to build wealth, one of the most common is rental real estate. Rental real estate is attractive for various reasons, such as but not limited to: It is seen as low risk due to the…