Abstract: Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds are popular alternatives, but they also have potential drawbacks. ...
HM&M Accounting, Audit and Assurance*, & Tax Blog
Abstract: Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds ...
Abstract: Individual taxpayers are potentially liable for the net investment income tax (NIIT) if their modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying widows or widowers; $125,000 for married taxpayers ...
Abstract: Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for — ...
Abstract: For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences. This article discusses IRS regulations that ...
Dallas, TX – Oct. 6, 2023 – Huselton, Morgan & Maultsby, P.C. (HM&M), a leading CPA firm with four offices in Texas, was recently named to INSIDE Public Accounting’s Top 300 Firms for 2023. There ...
Abstract: Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an ...
On September 14th the IRS announced an immediate moratorium through the end of the year on the processing of new Employee Retention Credit (ERC) Claims. This action was taken in response to growing concerns inside the ...
On July 14, 2023, IRS released Notice 2023-54 providing Transition Relief for: The change in beginning date for RMDs 2023 missed RMDs for IRA beneficiaries subject to the requirement for annual RMDs under the “10-Year ...
The IRS has identified Employee Retention Credit Scams as the number one worst tax scam on its 2023 Dirty Dozen List. Third parties, commonly known as “ERC Mills” have been aggressively promoting and promising large ...
Updated 2024 Companies that offer employee benefit plans like health insurance or retirement benefits are governed by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that requires employee benefit ...
Updated 2024 Under federal law, most organizations that have an employee benefit plan (EBP) with 100 or more participants with existing balances at the start of the plan year are required to submit audited plan ...