Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In […]
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless […]
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% […]
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly […]
In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic and geopolitical strife have all contributed to some notable slowdowns, […]
The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded more than $22 million in back wages to about 7,500 […]
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen […]
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income […]
