Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable property used in your business and you’ve held it for more than a year. (Different rules apply based on property held for sale to customers, [...]
October 17 Personal federal income tax returns for 2021 that received an automatic extension must be filed today and any tax interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Form 114 “Report of Foreign Bank and Financial Accounts” (also known as the “FBAR”) must be filed by today, if not [...]
If you’re planning to sell capital assets at a loss to offset gains you realized during the year, beware of the “wash sale” rule. Under this tax rule, selling stock or securities for a loss and buying back substantially identical stock shares or securities within 30 days before or after the sale date means the [...]
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. Here are some details. THE REQUIREMENTS Each person who, while operating a trade or business, receives more than $10,000 in cash in one transaction (or at least two related transactions), must file Form [...]
If you have a large unpaid federal tax bill, beware. A 2015 law allows the U.S. State Department to deny your passport application – or revoke or limit your current passport – if the IRS certifies that you have a seriously delinquent tax debt (SDTD). How large does the debt have to be to [...]
A wise person – who may or may not have been an accountant – once said, “Simplicity is the key to a family budget.” However, the budget should also be comprehensive enough to cover all necessities. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term [...]