Offer in Compromise (OIC), a tax resolution tool that allows individuals to settle their tax debt for less than the full amount owed
Small Business Tax Planning
Category
Tax Year-End Planning Strategies: Prepayment of Expenses
As the year-end approaches, taxpayers and professionals should focus on strategies to optimize their tax position for 2024. Among the most effective tools available is the prepayment of expenses. This strategy enables taxpayers to accelerate deductions, reduce taxable income, and manage cash flow efficiently.
How to Report 1099-K for 2024?
This article outlines the thresholds for 1099-K issuance, provides examples of common issues such as misclassified income, and highlights some reporting practices, including Schedule C filing for business-related income.
⚠️New Tax Form to Report Restricted Stock – Form 15620⚠️
The IRS recently released Form 15620, a streamlined document for taxpayers to file an 83(b) election when acquiring restricted stock.
Expiring Tax Provisions Under the Tax Cuts and Jobs Act: What Tax Practitioners Need to Know
Several key provisions of the TCJA are set to expire at the end of 2025. Understanding changes and potential strategies to address them will help practitioners effectively guide clients through the upcoming transition
Can ITIN Holders Be Shareholders in an S-Corp?
ITIN holders who meet the IRS’s Substantial Presence Test and qualify as U.S. tax residents are eligible to be S-corp shareholders