When determining their tax reporting and compliance requirements, there are many factors that private equity firms must consider. Private equity firms are setup as tiered structures, generally with four levels: the portfolio investment level, the investor level, the fund level, and the fund manager ...
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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 ...
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 ...
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 ...
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).
In a rapidly changing financial landscape, Americans are flocking to fixed-income investments, attracted by the promise of higher returns. However, the excitement of increased earnings is often overshadowed by unexpected tax bills. Investors have poured a large chunk of their savings into ...
Taxpayers can authorize a third-party representative to work with the IRS on their behalf. Sometimes this person is an unpaid family member or friend, and sometimes this is a tax professional hired by the taxpayer. Different types of representatives need different authorizations before they can ...
The Internal Revenue Service reminded individuals and businesses in most of California and parts of Alabama and Georgia that their 2022 federal income tax returns and tax payments are due on Monday, Oct. 16, 2023. The normal due date of April 18 was postponed for many residents of these states in ...
The main question we hear from small business owners is how they can find more ways to reduce their taxable income. A solo 401(k) offers itself as an attractive option when compared to other retirement accounts available. What makes these plans so appealing is their ability to encourage saving for ...
The line between having a hobby and running a business can often be confusing, but knowing the difference is critical because hobbies and businesses are treated differently when it’s time to file your taxes. The biggest difference between the two is that hobbies are for pleasure or recreation while ...