Taxes

I write this article on the somber weekend of the Memorial Day Holiday. With the significance of honoring the fallen, it is important to remember how we can help these “Gold Star Families”, a term coined during World War I. During this weekend, I was reminded of the families of the fallen due to my
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In the ever-evolving landscape of philanthropy, charities must adapt to new technologies to better engage with donors and support their missions. A recent addition to the toolkit is ChatGPT. Powered by advances in artificial intelligence and natural language processing, it is poised to revolutionize how charities assist donors in making effective giving decisions. Personalize Donor
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Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift annuity. The distribution will be excluded from your income, but if you are age 73 or older it will nonetheless count toward your Required Minimum Distribution.
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The frustration of business owners with their federal income tax payments is palpable. Though no major tax legislation has recently been passed, federal income tax payments are increasing dramatically. With rising inflation, workforce shortages, and supply chain woes, businesses are coming face to face with the prospects of retraction and survival versus expansion and entrepreneurship.
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Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the looming debt ceiling crisis and its likely effect on the IRS’s budget, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: You’ve heard the news by now: The federal government is just weeks away from hitting the
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As if texting shorthand wasn’t confusing enough (IKR?), when you have stock options, restricted stock units, or an employee stock purchase plan, you are plunged into an alphabet soup of initialisms, acronyms, and jargon. Do you know NQSOs from ISOs? AMT from FICA or NIIT? What’s the FMV at option exercise? Can you sell company
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This is an extremely tough question to answer on your own. The number of major, interconnected factors includes your retirement age, the return you can safely earn on savings, the inflation rate, your retirement accounts, your regular assets, your mortgages, student loans, and other debts, your earnings, your federal FICA and income taxes, your state
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More than three years after the COVID-19 pandemic started, returning to the office versus working from home still hasn’t settled down. There’s an ongoing tension around working from home between management’s need for innovation and discipline versus workers’ desires for more flexible arrangements and reduced commuting time. As urbanist and historian Dror Poleg likes to
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You’ve probably heard about the Limit, Save, Grow Act of 2023 (LSG, H.R. 2811), which narrowly passed the House of Representatives last month. It features prominently in the ongoing debate over the federal debt ceiling. It’s the GOP’s wish list of spending cuts, totaling $4.8 trillion over the 10-year budget window, according to the Congressional
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The IRS has announced more cost-of-living adjustments—these focus on changes affecting health savings accounts (HSAs), high-deductible health plans (HDHPs), and health reimbursement arrangements (HRAs) The details can be found in Revenue Procedure 2023-23. Here’s a summary. HSA For calendar year 2024, the annual HSA contribution limit for taxpayers with self-only coverage under a high-deductible health
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