If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules…read more

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because…read more

Reviewed by Vincent Tomei, III, CPA, Partner The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now…read more

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people….read more

If your not-for-profit is perpetually shorthanded, you may have decided to engage independent contractors or freelancers to pick up some of the slack. Just make…read more

During the initial COVID-19 outbreak, a small community group decided to organize grocery deliveries to low-income seniors. Time was of the essence and participants in…read more

Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required…read more

Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data…read more

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021….read more

Economic, social and political events in 2024 have the potential to negatively influence your not-for-profit’s budget. So if you generally prepare static budgets well in…read more

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1….read more

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer…read more