Author Archives: mgracey
The IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2024. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2024, the standard […]
In this episode Associate Director of Tax Services Joel Young shares the background of the Corporate Transparency Act and who business owners will need to report.
For the second consecutive year, the IRS is postponing the implementation of a 2021 law requiring e-commerce companies and mobile payment platforms, such as Venmo, PayPal, Cash App and Square, to report certain business transactions to the IRS annually and issue to customers Forms 1099-K, Payment Card and Third-Party Network Transaction. Therefore, only taxpayers who […]
The IRS released the annual cost-of-living adjustments to various provisions of the tax code for 2024. Marginal Income Tax Rates The following seven tax rates apply to income individuals earn in 2024. 37 percent for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly) 35 percent for incomes over $243,725 […]
Opportunity Funds are entering their seventh year since being introduced under the Tax Cuts and Jobs Act of 2017. While initial hiccups from slow guidance and COVID are now behind us, new issues, challenges and pain points continue to emerge for investors and sponsors. Tax Benefits of Qualified Opportunity Funds As a refresher, qualifying investments […]
In this episode, head of recruiting Mari-Luque Hanchett talks about what makes a successful recruiting strategy and how we assist clients in filling executive and professional roles.
The IRS’s 2024 cost-of-living adjustments for retirement savers include higher annual contribution limits to 401(k) plans and Individual Retirement Accounts (IRAs) along with higher income limits for individuals to qualify for tax-deductible contributions to traditional IRAs and taxable contribution to Roth IRAs. Employer-Sponsored Retirement Plans In 2024, employees may contribute up to $23,000 into workplace […]
In this episode Director of Tax Services Lewis Kevelson shares some of the tax strategies that can be beneficial to individuals and families with substantial art collections.
It has been nearly 10 years since the IRS first announced in Notice 2014-21, 2014-16 I.R.B 938 it would treat cryptocurrency as a capital asset for federal tax purposes, subject to the same general tax principles as other forms of property, including stocks and bonds. Two recent developments are significant in helping the agency crackdown […]
In this episode Associate Director of Tax Services Sarah Gaymon shares strategies for high-net-worth families to be sure they don’t miss out on sunsetting tax provisions.