Article Highlights: Community Property Laws Community Property States Domicile and Its Importance Treatment of Community Property Community vs. Separate Property When Community Property Ends Special Rule for Spouses Living Apart Effect of Prenuptial and Postnuptial Agreements Relief from Community Property Law Effect on Certain Tax Issues Additional Medicare Tax Non-Resident Alien Spouse Gifts of Community […]
Article Highlights: Scholarships Grants and Financial Aid Income from NIL (Name, Image, and Likeness) NCAA Eligibility and Tax Considerations Part-Time Jobs Student’s Standard Deduction Education Credit Student Loan Interest Deduction State Tax Considerations Planning and Compliance The world of college athletics has undergone significant changes in recent years, particularly with the introduction of Name, Image, […]
The debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and future. Advocates argue they are essential for achieving sustainability goals, while critics question their cost and equitable impact. The Biden […]
Article Highlights The Report of Foreign Bank and Financial Accounts Statement of Specified Foreign Financial Assets Foreign Rental Property Foreign Pensions Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership or Transactions with Foreign Trusts Annual Information Return for Foreign Trust with U.S. Owner Ownership or Voting Power in Foreign Corporation Tax on Non-Resident Alien […]
February 2025 Individual Due Dates February 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10. Your employer is required to withhold FICA […]
Are you eyeing 2025 as the year you finally trade your daily commute for days spent traveling, relaxing, or chasing long-postponed dreams? You’re not alone. Many soon-to-be retirees are mapping out a fresh chapter—but hold up. Before you sail into the sunset, there are a few key financial moves you should have on lock. Below, […]
Article Highlights: Historical Context of Form 1099-K The Evolution of Reporting Thresholds Current Reporting Threshold for 2024 Implications for Recipients of Form 1099-K Impact on Tax Reporting Individuals Selling Personal Items Self-employed Individuals Crowdfunding No Business Ownership Interest Given Not Taxable Crowdfunding Income Special Considerations Incorrect 1099-K Forms The landscape of digital transactions has undergone […]
Tax avoidance has long been a contentious topic in the business world, but few industries blend its complexities with glamour quite like Hollywood. During the Golden Age of Hollywood, a period marked by glittering stars and box office dominance, major players in the film industry became as skilled at finding tax loopholes as they were […]
Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying to keep track, you’re not alone. The Headline Drama, in Plain English A […]
You’ve worked hard to build your business. The long hours, sleepless nights, and countless sacrifices were all for one goal: to create something successful and sustainable. But what happens when a trusted employee or an external scam threatens all that hard work? Financial fraud isn’t just something that happens to large corporations. Small and medium-sized […]