A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for…
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…
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required….
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…
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately,…
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…
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax…
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…
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the…
The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year….