Are you planning to make a Qualified Charitable Distribution (QCD) in 2024? Yes? Then read on … A QCD allows an Individual Retirement Account (IRA) owner to make a distribution directly from their IRA to an eligible charitable organization. With a higher Standard Deduction amount, a majority of the taxpayers are not itemizing anymore. Under… The post 2024 Qualified Charitable Distribution – $105,000 appeared first on HM&M ..read more

Please refer to the list below for some changes that will be made for 2023 v 2024. Bonus Depreciation – In prior years we have been able to take a 100% bonus depreciation deduction. For 2023 tax year returns filing in 2024, the bonus depreciation deduction will be 80%. In the following year, 2024 tax year… The post 2023 v 2024 Changes appeared first on HM&M ..read more

Starting tax year 2023, businesses may need to e-file certain information returns that they had historically paper filed. The Final Regulations for filing returns and other documents electronically significantly expanded electronic filing requirements for tax returns and will require certain filers to e-file 2023 Forms beginning in 2024. In this Blast we focus on the… The post Do I have to E-file 2023 Form 1099s, Form W-2s etc. for my Business? appeared first on HM&M ..read more

Under the Corporate Transparency Act beginning January 1, 2024, certain entities will be required to file a Beneficial Owner Information Report (BOI). Entities that meet the definition of a “reporting company” and do not qualify for an exemption will be required to file a BOI. Summarized, a domestic reporting company is a corporation, limited partnership,… The post What is a FinCEN Identifier and why is it so important? appeared first on HM&M ..read more

The law requires that a trade or business report cash payments received of more than $10,000 to the federal government on Form 8300.  This form was intended to provide valuable information to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) to assist in their efforts to battle money laundering. Who must… The post Form 8300 – Reporting Cash Payments over $10,000 appeared first on HM&M ..read more

Yesterday, we informed you about the American Rescue Plan of 2021, dramatically reducing the Form 1099-K reporting threshold to gross payments that exceed $600 (down from $20,000 for tax year 2022 and prior years) for tax year 2023 onwards in addition to removing the minimum transaction requirement of 200. We have better news to share… The post This Thanksgiving, let us give Thanks to the IRS for Form 1099-K Changes announced on Nov 21, 2023 appeared first on HM&M ..read more

The American Rescue Plan of 2021, dramatically reduced the Form 1099-K reporting threshold to gross payments that exceed $600 (down from $20,000 for tax year 2022 and prior years) for tax year 2023 onwards. In addition, the minimum transaction requirement of 200 was also removed. Due to the lowering of the reporting threshold and the… The post 2023 Form 1099-K – Do I need to report it? appeared first on HM&M ..read more

Abstract:   When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several tax breaks may be available to help offset some of the costs. This article provides an overview. Offset nursing home costs with possible tax breaks If you have a parent entering… The post Offset Nursing Home Costs with Possible Tax Breaks appeared first on HM&M ..read more

Abstract:   Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC). This article explains how… The post Make The Most of The General Business Credit appeared first on HM&M ..read more

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. This article compares the two options, looking at operating expenses, distribution requirements, tax treatment, privacy and more. Private foundations vs.… The post Private Foundations vs. Donor-Advised Funds appeared first on HM&M ..read more