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Backdoor Roth IRA
August 08, 2024 |
Article

Some taxpayers saving for retirement prefer to fund a Roth IRA rather than a traditional IRA. Roth IRAs offer several advantages, including tax-free growth, required minimum distributions, and tax-free withdrawals in retirement. However, income limits restrict high earners from contributing to a ...

Types of Equity Compensation and How They Are Taxed
June 27, 2024 |

Equity compensation is an attractive way for employers to recruit and maintain employees in the long term. Given the various types of equity compensation, it is important for both employers and employees to understand how these different types of equity awards are taxed.
Tennessee’s Franchise Tax: Are You Eligible to Claim a Refund?
June 25, 2024 |

On May 10, 2024, Governor Bill Lee enacted Public Chapter 950 which resulted in the removal of the property measure component from the franchise tax computation for tax years ending on or after January 1, 2024. Under this legislative amendment, taxpayers who previously remitted taxes based on the ...
What is the Interstate Commerce Simplification Act of 2024?
June 20, 2024 |
Tax News , Article

Understanding H.R. 8021: Redefining P.L. 86-272 and the Solicitation of Orders On April 16, 2024, a significant bill, H.R. 8021, known as the “Interstate Commerce Simplification Act of 2024” was introduced in the United States House of Representatives. This bill, spearheaded by Congressman ...

Do S-Corps Pay Corporate Taxes?
June 18, 2024 |

Unlike traditional C-Corporations, S-Corporations are pass-through entities, meaning the corporation's income and losses pass through to the shareholders' personal tax returns. This structure helps to avoid double taxation of C-Corporations, as shareholders are taxed at their individual income tax ...
Section 83(b) Election: Tax Benefits and How to File
June 13, 2024 |

A Section 83(b) Election is a provision in the Internal Revenue Code that allows taxpayers who receive restricted stock or other property subject to vesting, such as stock options or restricted stock units, to elect and include the fair market value (FMV) of the property at the time it was granted ...
California Seeks to Limit Net Operating Losses
June 11, 2024 |
Tax News ,

From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisions in the law. Most notably, the state continued to allow taxpayers to take full advantage of the net operating loss (NOL) deduction and ignore 80% ...

When to File Form 8594 - Asset Acquisition
June 06, 2024 |

When you decide it’s time to sell your company, you will have to sell the assets of your company to the prospective buyer. Based on the agreed purchase price between the buyer and seller, the purchase price needs to be allocated among the various asset categories. Upon the sale of a business, the ...

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