Designed to eliminate the adverse impacts of the SALT cap, the Pass-Through Entity Tax (PTET) is an optional state income tax that taxpayers may elect to use. However, before deciding whether a PTET election is the right move, there are a variety of issues to consider.
High-income retirees pay more in monthly Medicare premiums, but with careful planning – and an appeal when necessary – the premiums can potentially be reduced.
Nonprofit compliance requirements vary from state to state. Private foundations, agencies, and other grantors often have their own requirements, too. It’s important for organizations to understand what these are before accepting any funding.
Starting August 1, 2022, Form 990-N filers – small nonprofits – are required to use a more streamlined, modern online filing system. ID.me, the IRS’s ID authentication system, will be required for new users.
Many taxpayers may not realize that taxes are not automatically withheld from RMDs. There are tax strategies to manage estimated tax payments, but the deadline of Dec. 31 is quickly approaching.
Learn about unallowable costs and what determines a costs' allowablility. We also provide a listing of FAR and DFARS clauses that are considered to contain expressly unallowable costs subject to penalties.
Construction contractors and other taxpayers can maximize year-end tax planning with the 100% meals deduction, which will be reduced to 50% on January 1, 2023.
The new lease standard has brought about a lot of changes. In this blog post, we will discuss some of the most important things to remember when implementing ASC 842. We'll also provide a checklist of tasks that should be completed in order to ensure compliance with the new lease standard.
PBMares, LLP is expanding its footprint in North Carolina with the acquisition of the Wilmington, N.C., office of RSM US LLP (RSM). As of Dec. 2, 2022, PBMares acquired substantially all the assets of RSM’s Wilmington location, and the Wilmington team is now serving clients as PBMares.
Exempt organizations may be subject to extra taxes on certain income-generating activities. Many don’t fully understand the rules on unrelated business income, and could be unknowingly putting their organization at risk with the IRS.
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