…unexpected taxable income, gift tax, or both. To help avoid these negative tax consequences, consider taking the following steps before lending money. 1. Keep records of the intrafamily loan. You…
…529s and other planning tools to protect assets, preserve benefit eligibility, and create flexibility for unforeseen needs. Tax efficiency: ABLE contributions can be layered into broader tax strategies especially when…
…appropriate agency: Form 941, Employer’s QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return) Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return Form VA-6, Employer’s Annual…
…Tax disadvantages to self-employment Payroll taxes enacted under the Federal Insurance Contributions Act (FICA) include a 12.4% Social Security tax and a 2.9% Medicare tax. Additionally, there is a 0.9%…
…What is the BPOL tax? The BPOL tax is a local tax on the privilege of doing business within a locality. Localities that impose BPOL taxes must adhere to uniform…
…retail sales tax is in addition to any transient accommodation taxes imposed by the localities. Income Tax Homeowners offering short-term rentals are also subject to federal and state income tax…
By: Ryan Beethoven-Wilson, CPA, Tax Senior Manager | Emerging & Growth Business Team Note: The Virginia Equity and Subordinated Debt Tax Credit, also known as the Angel Investor Tax Credit,…
By Kay Gotshall, CPA, Tax Senior Manager | State and Local Tax Team Virginia and other States’ Conformity to the CARES Act Provisions Tax return filing and payment due dates…
…tax requirements on out-of-state businesses due to their internet activities. Questions about multi-state tax regulations? Contact Your Opportunity Advisor by Email | 804.747.0000 Additional Resources State Income Tax Changes…
…help. Source: IRS Additional Tax Resources: Remote Sales Tax Collection After the Wayfair Decision Section 199A Proposed Regulations Released Seven 2018 Tax Developments That May Affect Your Tax Situation Opportunity…
…QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return) Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return Form VA-6, Employer’s Annual or Final Summary of Virginia…
Real Estate and Construction Tax Considerations The Tax Cuts and Jobs Act (TCJA) has provided many substantial changes throughout the tax code. Much has been covered on the corporate and…