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  • Bonus Depreciation for Your Business: Let’s Review Your Options

    Deductions for first-year bonus depreciation were liberalized by the Tax Cuts and Jobs Act. Recent IRS guidance adds flexibility by allowing taxpayers to elect alternative treatments and make late bonus depreciation elections or revoke prior-year bonus depreciation elections. However, a proposed technical correction that would allow bonus depreciation for qualified improvement property appears unlikely.

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  • What States are Saying About Gender Pay Discrimination in Hiring

    You're probably confident that your company's pay practices are free of gender bias. While you might pass a challenge from the Equal Employment Opportunity Commission with flying colors, it could be a different story at the state or local level. Here's what's happening in some jurisdictions that could be a sign of things to come where you operate. Also, take note of a rapidly approaching Sept. 30 deadline certain employers must meet for filing demographic reports.

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  • FAQs About Virtual Currency and Your Taxes

    Many taxpayers are surprised that virtual currency transactions are taxed differently than transactions involving cash. Virtual currency is treated as "property" for federal income tax purposes, which may have capital gains tax implications. This article answers questions about reporting virtual currency payments and receipts for goods and services rendered. It also explains why virtual currency transactions are an IRS audit hot button.

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  • Tax Implications of Refinancing Your Home

    Refinancing your home mortgage can affect your taxes if you itemize deductions. To complicate matters, the Tax Cuts and Jobs Act temporarily altered the rules that apply to deducting home mortgage interest and points and it reduced the number of taxpayers who will itemize deductions through 2025. Here are the details, along with an important distinction between home acquisition debt and home equity debt under current law.

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  • Tax Strategies for Seniors

    With age comes wisdom and certain age-based tax breaks. This article highlights some tax strategies and breaks that are likely to benefit older taxpayers, including retirement account catch-up contributions, IRA qualified charitable distributions, gifts of highly appreciated assets and medical expense deductions. It also explains how to take advantage of today's generous unified federal gift and estate tax exemption, while you're still alive.

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  • Navigating a Global Expansion

    Selling in foreign markets may help your business grow to the next level. But it's not right for every business. Before going global, review six key challenges that businesses face internationally and some tips to improve the chances of success. It's also important to understand how the financial reporting rules in the United States differ from the international rules.

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  • To Capitalize or Expense: How to Treat Website Costs for Tax Purposes

    Virtually every business has a website today. It might be used to provide information about products and services, serve as a distribution channel, and/or attract new customers and prospective employees. How should the costs of developing your website be treated for federal income tax purposes? There isn't a simple answer. In the absence of specific IRS guidance on these costs, you must piece together existing guidance on other subjects.

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  • Digital Addiction in the Workplace: What Employers Need to Know

    "Digital addiction" is more than just spending too much time on devices. The condition is a potential disability with serious negative consequences in the workplace. It's a good idea to consider the legal and psychological dimensions of the problem before you take action. Here's more.

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  • Claiming Your Parent as a Dependent on Your Tax Return

    If you provide financial support for a parent, you might qualify for some well-deserved tax breaks. This article explains the eligibility requirements for: 1) a new credit for nonchild dependents, 2) an itemizable deduction for paying a dependent parent's medical expenses, and 3) head of household filing status for unmarried taxpayers.

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  • Expanding Retirement Plan Options for Small Businesses

    Only half of private sector employers with fewer than 100 employees sponsor retirement plans. But more small businesses are likely to join the bandwagon thanks to a new final rule issued by the U.S. Department of Labor. The rule will allow more businesses, including self-employed individuals, to offer multiple employer plans (MEPs) that provide their employees a defined contribution plan. Here are the details.

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  • Don’t Delay Dealing with Chronically Late Employees

    If time is money, stolen time is stolen money. But when it takes the form of an employee's chronic tardiness, recovering that loss requires a methodical approach for the best long-term results. Here's some food for thought on dealing with any habitual offenders on your payroll.

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  • The Clock May Be Ticking on Corporate Stock Redemptions

    Have you considered redeeming your closely held stock? Tax rates are currently below historical levels. So, you may be able to save taxes by cashing out on your stock now rather than waiting until later when tax rates are scheduled to increase. This article explains the tax rules for C and S corporation stock redemption payments.

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