…information to keep taxpayers informed on new tax scams they are seeing in 2018. One of the scams the IRS has identified began with cybercriminals stealing data from several tax…
…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…
…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…
…what is commonly referred to as the Social Security Tax employees are required to pay pursuant to Code Sec. 3101(a). Ordinarily, this 6.2 percent tax is deducted automatically from employees’…
…to hereafter as service businesses) unless the taxable income of the individual taxpayer is less than $207,500 for a single filer or $415,000 for a joint filer. Taxpayers operating a…
…most itemized deduction by 2/37ths. This effectively caps the tax benefit of itemized deductions for top earners at 35%. Estate & Gift Tax Planning Opportunities The federal estate tax exemption…
…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…
…K-2 and K-3 with the IRS. While this exception will assist taxpayers and tax return preparers for the 2021 tax filing season, managers and owners of partnerships, LLCs, and S…
…interpreting “limited partner” to mean a partner functioning as a passive investor A. The Tax Court misinterprets the phrase “as such.” B. The Tax Court’s interpretation violates a canon of…
…discussion of what to anticipate from states in the future. Kay Gotshall,senior tax manager, shares state and local tax insights on these new and changing tax regulations for Virginia and…
Real estate and construction industry tax planning insights for 2022 and beyond There are some new and potential tax changes on the horizon that will likely impact real estate and…