IRS Intends to Be More User-Friendly by 2024
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax collectors. “We’ve started transforming IRS operations,” IRS Commissioner Danny Werfel stated. “These will provide significant benefits for taxpayers, tax professionals, and the tax system […]
The Fight Over Taxing Unrealized Income
The U.S. Supreme Court recently heard oral arguments that could lead to a landmark ruling that affects how unrealized income is (or isn’t) taxed. As summarized here, Moore vs the United States deals with a relatively new mandatory repatriation tax (MRT) that the plaintiffs claim is unconstitutional. “The one-time tax is supposed to prevent shareholders […]
1099-K Reporting Threshold Takes a Big Dip
The IRS has announced it is delaying the new $600 Form 1099-K reporting threshold requirement for third-party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law. Digital payment platforms affected include Venmo, PayPal, eBay, and other payment apps and online marketplaces. “This phased-in […]
Timing Is Everything in Tax Planning
Mastering the art of timing can be a powerful tax planning tool. Simply filing and paying on time can make a significant difference. So can managing the timing of asset purchases, capital gains and losses, and deductions. Consider the following ways timing can reduce your tax bill: Failure-to-file and late payments. It’s critical to understand […]
How Banks Are Tapping into Artificial Intelligence
You may be experimenting with ChatGPT and other AI, and so is your bank. Financial institutions are incorporating AI into their services, but the road to innovation is fraught with risks. “AI systems have been widely used for years, with banks spending billions to automate functions like trading, risk management, fraud detection and investment research. […]
2024 Tax Adjustment Highlights
The 2024 tax thresholds, brackets, and rates you’ll use to file your taxes during the 2025 tax season have just been released. Here’s how they panned out: About 90% of taxpayers claim the standard deduction when tax time rolls around. For tax year 2024, the standard deduction for married couples filing jointly rises to $29,200, […]
Make Family Business Asset Protection a Priority
If you’re like most family business owners, you want to protect your business and ensure that it stays in the family, but you’re not doing enough to safeguard its future. About 78% of respondents to PwC’s 2023 Family Business Survey say that their business is their family’s most important asset, and 72% want to ensure […]
Money Moves Before the New Year
We know you don’t want to deal with taxes this time of year, but hear us out: Unique tax-saving opportunities are only available before the year’s end. Think of it as the holiday gift that keeps on giving. There’s rarely a year in which a few tweaks to your deductions, expenses, contributions, or withholdings aren’t […]
Business Dinner Seminar With Our Experts
The event included a panel discussion on the process of buying and selling a business, led by industry experts Michael L Shipman VP, Frost Insurance, and Steve Bankler. Business owners Richard Kattmann, Owner, Eldridge Electric (buyer), and Amir Kamel, President, Princess Professional (seller) shared with attendees their individual challenges and triumphs throughout their buying and […]
How the Richest Entrepreneurs Spread the Wealth
No one has more to lose than the world’s wealthiest individuals. Their specific asset protection tools may not directly correlate to someone with more “average” wealth. However, the general strategies can provide estate and succession planning inspiration for us all. Forbes recently highlighted a few of these noteworthy case studies, starting with Nike founder Phil […]