An 83(b) election can be an extremely useful tool to minimize the tax burden on an entrepreneur or team member at a startup who is compensated, at least in part, in stock or ownership interest in the company. We explore a few examples of how this election can make a big difference to a taxpayer’s bottom line.
Due to new IRS rules, taxpayers who have not received a form 1098-T showing tuition paid will not be eligible for a tax credit or deduction on their tax return.
If your children work at your business, they’re entitled to be paid and the business is entitled to a deduction just like you would for anyone else, but what if you try to pay them a bonus?
The IRS has issued proposed regulations that can have significant effects on the valuation of closely-held business interests for gift and estate tax purposes. Here’s what you need to know in order to act before the rules change…
The IRS recently announced the upcoming use of private agencies for debt collections. Here’s what you, the taxpayer, need to know…
The New York Department of Taxation and Finance issued a reminder regarding a sales tax exemption available to software and web devs/designers on the purchase of computer hardware, provided that it is used more than 50% of the time for either designing/developing software for sale, providing web design/development consulting services, or some combination of both.
What are marginal tax rates and how do they affect my take-home pay?
The IRS has developed a new initiative to remind employers of their payroll tax obligations and to prevent the pyramiding of missed deposits. The Early Interaction Initiative will make expanded use of federal tax deposit alerts (FTD Alerts) to help … Continued
Mayor Bill de Blasio recently enacted Intro 295-A, which requires New York City companies with 20 or more full-time employees to offer pre-tax transit benefits. The bill encourages employers to take advantage of an existing federal tax benefit, which already allows … Continued
The IRS has announced that victims of identity theft and refund fraud may obtain copies of bogus returns filed under their names. Victims or their authorized representatives may request copies of fraudulent Forms 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ. Take … Continued
