In recent years, many Americans have been the victims of natural disasters. If you’re unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited Deductions for Personal Casualty Losses In theory, the federal income tax rules allow you to claim an itemized deduction for personal casualty losses that aren’t covered
Attention: Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their “beneficial owners” – the individuals who ultimately own or control the company – to the Financial
If your business is picking up steam, you may be looking to expand your workforce to meet the demand. Here’s a practical idea: Hire employees who qualify for the Work Opportunity Tax Credit (WOTC). The credit is available for workers who represent one of the “target” groups specified by law. There’s no limit on the
Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions – especially when it comes to issuing and receiving a Form 1099 for 2023. If you buy something with cryptocurrency, you won’t receive one. However, you may receive a Form 1099 if you receive a crypto payment. There are several types of Form
Over the extended weekend, the state of Nebraska released the first draft of forms applicable to the enacted pass-through entity tax (PTET) law passed under LB754. The PTET is a mechanism to shift Nebraska state tax liability to the entity, which makes it deductible to the pass-through entity and therefore reduces the federal taxable income
Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it’s important for you and the prospective partner to understand the potential federal tax implications. Important: A limited liability company (LLC) with multiple members (owners) is classified as a partnership for federal income tax purposes – unless
Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same – unless Congress changes them. Generally, the current rules have been in place for years, although the Tax Cuts and Jobs Act of 2017 (TCJA) did include some significant modifications. Whether or not you can deduct interest expenses, and
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in many deals. The structuring of such transactions could have significant tax implications that affect the ultimate value for both parties. The Basics Earnout provisions generally arise
Despite its name, the “kiddie tax” is anything but child’s play. If you’re not careful, this provision of the tax code can result in children having to pay significant extra tax dollars on their investment income. But your family may be able to downsize the kiddie tax for 2023 by making the right tax moves
Governor Jim Pillen signed LB754 into law. LB754 has two features included in this article: LB754 adds a retroactive to the 2018 pass-through entity tax, or PTET, law. The bill also schedules gradual reductions to Nebraska’s top individual and corporate income tax rates to 3.99% by tax year 2027. PTET Law: PTET allows pass-through entities
