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United States Income Tax Treaties That Meet the Requirements of Section 1(h)(11)(C)(i)(II)

March 12, 2024 |

Tax News , Article ,

IRS released Notice 2024-11 on December 28, 2023, updating the list of countries with tax treaties meeting Section 1(h)(11)(C)(i)(II) criteria. Under section 1(h)(11) (qualified dividends), a dividend paid to an individual shareholder from either a domestic corporation or a "qualified foreign ...

A Quick Guide for Accounting Method Change

March 07, 2024 |

Accounting methods, whether general (like cash or accrual) or specialized (e.g., long-term contract methods), are pivotal for financial reporting. This guide provides a quick reference for the process of changing accounting methods, encompassing IRS consent, Form 3115 submission, and key ...

Limited Partners May Not Be Exempt From Self-employment Contributions Act (Seca) Taxes

March 05, 2024 |

The IRS has increased its compliance efforts with the objective of accurate reporting and payment of Self-Employment Contributions Act (SECA) taxes. This pertains specifically to individual partners who hold the status of a “limited” partner but may not necessarily meet the criteria of a limited ...

Should I Itemize or Should I Take the Standard Deduction?

March 05, 2024 |

During tax season, individuals are faced with a pivotal decision: whether to take the standard deduction or opt for itemizing deductions. This choice holds substantial implications for financial decisions, affecting everything from charitable contributions to homeownership. In this article, we ...

Tax Relief for American Families and Workers Act of 2024

February 29, 2024 |

Tax News , Article ,

On January 31st, 2024, the House of Representatives passed bill H.R.7024 Tax Relief for American Families and Workers Act of 2024 which aims to provide tax relief and support for American families and workers. The bill now heads to the Senate for consideration. This legislation encompasses a wide ...

Maximizing Tax Benefits for Retirees: Qualified Charitable Distributions

February 20, 2024 |

It is important for older individuals and retirees to be mindful of potential tax advantages that can help optimize their financial situations. There are various tax strategies that retirees can take advantage of. One common tax strategy is the Qualified Charitable Distribution (QCD).

Texas Franchise Tax Changes to No Tax Due Reporting for 2024

February 14, 2024 |

Tax News ,

In July 2023, the Texas legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain entities. In response, the Texas Comptroller's office has issued guidance and changed the way some entities have to report for franchise tax purposes ...

Changes to Ohio Commercial Activity Tax in 2024

February 08, 2024 |

Tax News ,

Effective January 1, 2024, the Ohio Commercial Activity Tax (CAT) will undergo major changes following the enactment of Am. Sub. H.B. 33 of the 135th Ohio General Assembly.

Last Call for Tax Savings: Act Before 2017 Cuts Run Out

January 18, 2024 |

Tax Credit ,

In 2017, an extensive tax reform bill was enacted during the tenure of former President Trump, introducing a wide array of substantial alterations to the taxation system. These modifications included lowering individual income tax rates, an increase in the standard deduction, and a boost in the ...

Oklahoma Franchise Tax Officially Ends

January 04, 2024 |

Tax Credit , Tax News

Big news for franchise owners in Oklahoma: Oklahoma House Bill 1039 enacted on June 2, 2023, repealed the franchise tax and the reporting requirements starting with tax year 2023.

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