On September 24, 2021, Judge Alvin W. Thompson of the United States District Court of Connecticut denied a motion made by the IRS asking the Court to conclude that no discount should be available for a gift of a fractional interest unless the taxpayer held such interest in fractional form before the gift.
BST's tax newsletter. In this issue: IRS Clarifies Rules on Excess Compensation Tax, Tax Implications of Taking 529 College Savings Plan Withdrawals, Refresher on the Home-Sale Gain Exclusion Tax Break, Following Up on Coronavirus-Related Distributions from IRAs, and 20 FAQs About RMDs.
In today’s tight employment market, it can take months to replace an accountant. Meantime, look for ways to delegate, upgrade technologies, and outsource.
Launched nearly a decade ago, the Identity Protection (“IP”) PIN program purpose was to allow confirmed identity theft victims to obtain a PIN from the IRS, which is then necessary to electronically file a federal tax return. Beginning in 2021, the IRS expanded the program to make it available to all taxpayers in an effort to prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information.
ALBANY, New York, August 25, 2021 – Beth van Bladel, director of BST CFO for Hire, is the 2021 recipient of the New York State Society of Certified Public Accountants (NYSSCPA) Distinguished Service Award.
BST has developed a hybrid work policy that covers the vast majority of its employees. Remote work isn't going away. Instead, BST is building remote or hybrid options into its long-term plans.
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.
BST's tax newsletter. In this issue: Finally...Some Good News, IRS Update, Reap Tax Rewards from Securities Harvest This Fall, Material Participation Standard is the Key to Unlocking LLC Tax Losses, Vacation Home Usage Has Tax Implications, 4 Tax-Saving Credits for Families.
On April 19, 2021, through the enactment of the 2021-2022 Budget Bill, New York State created new Article 24-A of N.Y. Tax Law, which establishes a new elective Pass-Through Entity Tax (PTET) that applies to partnerships, LLCs (taxed as partnerships), and S corporations.
Transitioning out of a business requires as much planning as forming and growing a business. These three tips will help you prepare to make a timely and successful business transition.
If you’re considering expanding to a new business location, make sure you first have a plan in place that includes appropriate accounting support and insights into staffing, costs, ROI, and other metrics.
With high school graduations underway, it leaves many parents thinking ahead to when their young children will be graduating from high school and heading off to college---but when and how should they start saving for their child’s college education? Robert Canterbury sat down with CBS 6 News to talk about investing in a 529 college plan.