Choosing legal guardians for your children is one of the most important decisions you’ll make. It's a big responsibility, but with careful thought, you can ensure your children are cared for as you would want.…
CTA Imposes New Small Business Reporting Requirements for 2024
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect. The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places…
Life Happens: Update Your Estate Plan
Life is full of unexpected turns. You fall in love, get married, start a family, or unfortunately, experience loss. While these are significant milestones, they also signal a crucial time to revisit your estate plan.…
What Is an LLC Distribution?
A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as members. Although state law sets forth certain default rules,…
Helpful Tax Tips for Independent Contractors
Being an independent contractor can offer tremendous flexibility and independence, but it also comes with a unique set of tax responsibilities. Unlike traditional employees, who have taxes automatically withheld from their paychecks, independent contractors must…
How To Handle Taxes on Wins Paid in Cryptocurrency from Sports Bets
Winning big on sports bets can be exhilarating, especially when your winnings come in the form of cryptocurrency. However, understanding how to handle taxes on these crypto winnings is crucial to staying compliant with IRS…
IRS Changes: $1,000 Penalty-Free IRA Withdrawals
The recent changes in IRS regulations, allowing penalty-free withdrawals of up to $1,000 from Individual Retirement Accounts (IRAs), mark a significant development in retirement planning policy. This update, implemented under the SECURE 2.0 Act, aims…
Can I Get My IRS Debt Forgiven If I Get Laid Off?
Facing a layoff is challenging, and dealing with IRS debt at the same time can be overwhelming. The good news is that there are options to manage and potentially reduce your IRS debt if you've…
How Unpaid Taxes Can Revoke or Deny Your Passport
Ever thought unpaid taxes could mess with your passport? It's a harsh reality many aren't aware of. When the IRS certifies taxpayers with significant unpaid tax debts, it leads to serious actions regarding their passports.…
How to Request an Extension for Filing Your Tax Return
Unfiled tax returns can lead to significant complications, but understanding the steps to resolve this issue can help you regain compliance and avoid severe penalties. This article will guide you through the process of addressing…