You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently enacted Inflation Reduction Act. The

Are you 72 or older? If so, you must take a required minimum distribution (RMD) from your traditional IRA, SEP-IRA, or SIMPLE IRA by the end of the year. If you turn 72 this year, you can wait until April 1 of next year to take your first RMD—but you’ll also have to take your

Crowdfunding is a national and international phenomenon. Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter. All this crowdfunding activity leads to an obvious question: Is the money raised this way taxable income for the recipients? You might be surprised to learn that the courts and the

Have you sold, or are you planning to sell commercial or rental property? To avoid immediately paying capital gains tax on your profit, you have options: • Deferring the capital gains tax using a Section 1031 exchange • Deferring the capital gains tax using a qualified opportunity zone fund With a Section 1031 exchange, you

The federal government wants you to go green if you own a commercial or residential rental building. The newly enacted Inflation Reduction Act extends and expands valuable tax credits for solar panels or other renewable energy installations and electric vehicle charger units. Also, the long-available accelerated tax deduction for commercial building energy improvements is now

At first glance, the corporate tax rules for forming an S corporation appear simple. They are not. Basic Requirements   Here is what your business must look like when it operates as an S corporation: The S corporation must be a domestic corporation. The S corporation must have fewer than 100 shareholders. The S corporation