There are important tax changes coming this summer for families. Specifically, the child tax credit will enable families to get advanced payments. This is a change from prior years where the credit was calculated and paid out at tax time. The credit is not a new credit, but rather it’s an enhanced credit as part…
All too often, wealth planners focus only on the dollars. From annual monetary gifts to conditional clauses in inheritance documents, the subject of family wealth planning isn’t always the most flexible or the most broadly accessible for the everyday American family. Richard and Claudia explain the importance of factoring in the family’s “well-being” when considering…
Transfer pricing may be one of the most talked-about and least understood tax topics right now. The underlying concept is simple: it’s the method for pricing transactions between related parties. But what qualifies as “related parties” and how those transactions are valued have become increasingly complicated in a more global and more digital world. Companies…
Many tax accounting firms were busy in 2020 despite the challenges of the pandemic, but not all of them experienced record-breaking positive growth. By staying on top of new technology and offering online tax services with the best tax software, preparers spend more time with clients, and taxpayers have a more streamlined, stress-free filing season. …
Over 9 million Americans live outside of the United States. Sometimes, living outside of the United States can be advantageous on your taxes. Under the Foreign Earned Income Exclusion, taxpayers may be able to exclude income from their United States taxes. The FEIE can make living and working abroad a tax-free experience. Joining Kelly on…
Despite the inroads women have made in the tax profession, it’s still a very male-dominated profession, especially at the top. In 2019, only about 20% of all equity partners were female, according to the National Association of Women Lawyers. Thankfully, it’s an issue that is starting to garner more discussion as more people recognize the…
As society continues to do more online, data security is more important than ever before. That goes for your taxes and the IRS as well. In their annual report, the IRS identified $2.3 billion in tax fraud schemes in 2020. With the 2021 tax season continuing, it’s something businesses and individuals need to pay attention…
The evolution of cryptocurrency and the blockchains that power it has taken yet another step forward with the creation of NFTs or non-fungible tokens. NFTs have been in the news quite a lot lately, garnering support from some of the biggest names in art, sports, and technology. However, with NFT marketplaces come potential tax liabilities….
Cryptocurrency is once again making big waves in the news thanks to Bitcoin and Dogecoin riding high, Tesla accepting payment in the form of Bitcoin, and the IRS asking about it on your tax forms. But without proper guidance from the IRS, there are still plenty of questions surrounding crypto taxes and the specifics of…
Everyone understands the IRS is responsible for collecting taxes but those aren’t the only IRS jobs that exist. The IRS generates approximately 96% of the funding that supports the federal government’s operations, playing a massive part in everything from Homeland Security to helping disadvantaged citizens. But what is it like to work for the IRS?…