Tax breaks and other nontax benefits are available for business owners who hire their children this summer. By hiring your child, you may be able to: Realize payroll tax savings, depending on how your business is organized and your child’s age Convert high-taxed income into income that is low-taxed or tax-free Enable retirement plan contributions…

Although President Biden has suggested that he wants to roll back current federal gift and estate tax exemption amounts (reducing the estate tax exemption to $3.5 million, imposing a top estate tax rate of 45%, and reducing the gift tax exemption to $1 million), any proposals would have to be passed in Congress. In the…

You may find that you have questions about your 2020 tax return, even after you’ve successfully filed with the IRS. Here are three quick answers to some of the most frequently asked questions at this time of year. When will I receive my refund? You can check the status of your refund using the IRS’…

The number of workers engaged in the “gig” or sharing economy had already been growing before the COVID-19 pandemic hit, according to several reports. During the pandemic, reductions in working hours have resulted in even more people turning to gig work to make up lost income. People who perform these jobs—which include delivering food, providing…

If you’re one of the many businesses that use independent contractors to help keep down costs, you’ll want to ensure that these workers are classified properly for federal tax purposes. It can be a costly mistake if the IRS reclassifies them as employees. Determining whether a worker is an employee or an independent contractor for…

In recent years, accounting rules have changed, and certain balance sheet items—such as asset retirement obligations, derivatives, and intangible assets acquired in a business combination—must now be reported at “fair value” rather than historical cost. Reporting at fair value brings your company’s financial statements into better alignment with today’s market values, but estimating fair value…