Insights

The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for each of their qualifying dependents who cannot be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent who meets certain conditions, including: Dependents who are age 17 or older. Dependents who have individual…

If you work for a nonprofit that’s funded by grants or donations, you need to keep iron-clad records in order to account for every penny if you’re ever audited. However, that doesn’t mean you need to retain all your files forever. Nobody has the storage space for that. Here’s a handy guide to how long…

President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred…

The “race to the bottom” of international tax rates may soon come to an end. The Organisation for Economic Cooperation and Development (OECD) is working with countries across the globe on a framework designed to level the playing field. Leaders from 130 countries backed a broad outline last month that will seek to overhaul rules for taxing international corporations. In an effort…

Congress created an employee retention tax credit to retain employees on their payroll during the pandemic. Recent updates to the incentive have made it even more appealing for businesses. Originally introduced through the CARES Act, the employee retention credit (ERC) was extended in the Consolidated Appropriations Act (CAA) through June 30, 2021 and then again…

On July 15, 2021, the IRS will start sending monthly child tax credit payments to qualifying families around the country. Thanks to the American Rescue Plan Act passed in March 2021, families claiming the child tax credit in 2021 will receive up to $3,000 for each qualifying child ages 6-17 and up to $3,600 for…

Maybe your job, even your entire sector, has disappeared in 2020’s economic turmoil. Or perhaps you are just reaching a point at which you are ready to take the next step in your life. It’s possible you want to leave your corporate job for something more creative where you can make your own hours. Or…

E-commerce marketplaces popped up in the early 1990s and have been on the rise ever since. In the last decade, we have seen a surge of brick-and-mortar stores take advantage of this additional consumer channel. What has become commonplace has also become confusing for owners to navigate the complex regulatory environment. How can accountants keep…

Non-fungible tokens — a player in the shadowy cryptocurrency world — have increasingly been making their mark. But what are they, and how do they work? Why were they used to buy the artist Beeple’s work Everydays: The First 5000 Days at a recent Christie’s auction for $69,346,250? The answer is both simple and complicated. NFTs are unique digital tokens that use Ethereum to…

The COVID-19 pandemic has had a dramatic impact on commercial real estate. Some sectors of the industry, such as industrial property, remained vibrant, while office and retail space showed a decline. The reason is that the past year changed many things about the way we live, work and play. The future for the most affected sectors…