If you’re one of the half million Americans who purchased an electric vehicle so far in 2023, you might be eligible for a tax credit.
One of the unexpected consequences of the COVID-19 pandemic is the proliferation of remote employees. If your business has remote employees, there are tax consequences and rules you should be aware of.
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Certain late tax filers are about to see some relief. The IRS is abating the late filing penalties for various tax returns for 2019 and 2020 that were filed late or have not yet been filed. This announcement came on August 24, 2022, when the IRS issued Notice 2022-36. Let’s take a look at why penalties are being waived, which tax returns are affected and what you can expect next.
The like-kind exchange is one of the most money-savvy ways to defer capital gains taxes while building your long-term wealth. A 1031 exchange, which gets its name from Section 1031 of the Internal Revenue Code, can help you swap one investment property for another and defer capital gains taxes. These transactions are complicated, and they're riddled with rules that could make or break your investment. But they can be fruitful, as long as they are executed correctly. Let’s take a look at 1031 exchanges, how they work and their benefits.
A new Virginia law allows the owners of a pass-through entity (PTE) to shift their income tax burden generated from the PTE away from them personally and instead to the PTE itself.
We get a lot of questions from clients about cryptocurrency. Whether you’re new to the cryptocurrency scene or already own it but don’t know exactly what to do with it, it’s important to know the tax and investment ramifications of it. That’s why we asked two members of our team — Brian Nichols of our tax department and Steve Hannigan of GGM Wealth Advisors — to answer some common questions about cryptocurrency from both a tax and investment perspective.