Generally, amounts received for nonpersonal injuries are included in gross income. Punitive damages are also generally included in gross income, with a limited exception for certain wrongful death actions. However, Section 104(a) of the Internal Revenue Code (IRC) generally excludes amounts received as compensation for personal physical injury or physical sickness from gross income. This exclusion applies to a variety of payments, including those received under workmen's compensation acts, certain accident or health insurance, pensions or annuities for injuries or sickness resulting from acti ..read more

Topel Forman is thrilled to announce our inclusion once again in the 2024 INSIDE Public Accounting (IPA) Top 200 Firms The post Topel Forman Ranked Top 200 Accounting Firm appeared first on Topel Forman L.L.C. – Certified Public Accountants ..read more

Join us to learn the essential rules and requirements for documenting charitable contributions, helping you maximize deductions while staying compliant with IRS regulations. The post Webinar Recording: Beyond the Receipt: Mastering Charitable Substantiation appeared first on Topel Forman L.L.C. – Certified Public Accountants ..read more

With the potential sunsetting for the $14 million dollar gift tax exemption in 2025, we provide key considerations for wealth transfer planning. Understand the scheduled expiration of higher exemptions, explore gifting strategies, and adapt estate planning to maximize benefits The post A $14 Million Dollar Sunest Plan For The Potential Gift Tax Exemption – Webinar appeared first on Topel Forman L.L.C. – Certified Public Accountants ..read more

The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data. The post Untangling the Corporate Transparency Act – Webinar appeared first on Topel Fo ..read more

Every Child Pediatrics Ronald McDonald House Special Olympics Anti Cruelty Society Topel Forman is recognized with the Illinois CPA Society’s Time and Talent Volunteer Service Award Chicago, June 2024 – We’re thrilled to announce that Topel Forman has been awarded the Time and Talent Volunteer Service Award from the Illinois CPA Society This recognition truly reflects the incredible dedication and commitment of our entire team to giving back to the communities we serve. To view their press release, click here.  The ICPAS award honors organizations whose accounting and finance ..read more

This post provides an overview of the Internal Revenue Code’s requirement for qualified appraisals when a taxpayer makes or wants to make a charitable contribution of crypto assets. Please note, substantiation does not merely include an appraisal. Taxpayers who contribute property and claim a deduction of more than $500 but not more than $5,000 must also obtain a contemporaneous written acknowledgment from the donee and maintain the additional written records needed to complete Form 8283. Background Donations of property over $5,000 must be appraised by a qualified appraiser to substantiate a ..read more

Stories From Women In Accounting For International Women’s Day and Women’s History Month our Women’s Employee Resource Group and our DEI Committee hosted a panel featuring six of our professionals from tax, audit, and operations. They had an inspiring and insightful conversation about their unique experiences navigating motherhood, external and self-made expectations, and being able to maintain a balanced life. Here are some highlights from our discussion: How Have You Set Boundaries From Your Work Life and Your Personal Life? “Nobody can set your boundaries for you and if you don’t do it, yo ..read more

On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the “Tax Relief for American Families and Workers Act of 2024.” The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee’s Chairman Smith and the Senate Finance Committee’s Chairman Wyden. It is important to know that the bill is not yet law and still needs to be passed by both the House and Senate – and then signed into law by the President. If this bill does eventually become law, it is also possible the contents ..read more

For those charitably inclined, giving to charity provides not only the satisfaction of doing good but also valuable tax savings when leveraged properly (if one itemizes deductions). On top of that, charity donation is one of the most flexible tax planning tools because taxpayers can generally control the timing, manner, and amount of their donations to meet their needs. Cash Donations Outright gifts of cash (which include donations made via check, credit card and payroll deduction) are the easiest to make. The substantiation requirements depend on the gift’s value: Gifts under $250 can be su ..read more