…Therefore, taxpayers should be aware of the rules surrounding gain exclusion on primary residences under Internal Revenue Code Section 121. 3 tests to qualify for the primary residence gain exclusion…
Overview of IRS tax changes impacting families, executives and entrepreneurs On October 22, 2024, the Internal Revenue Service (IRS) announced the annual inflation adjustments for tax year 2025. Over 60…
…you have paid $600 or more for services used in a trade or business during calendar year 2022 File Form 1096 and Forms 1099-NEC, Copy A, with the Internal Revenue…
…State Tax Obligations During the COVID-19 times, nonprofit organizations may have had to retool their revenue generating activities due to state-mandated closures eliminating income from admissions to events, activities, traditional…
…differences between accrual‑basis performance and cash‑basis activity. A well‑constructed WIP schedule highlights over/under billing positions, helping contractors identify timing gaps between revenue/cost recognition and actual cash movement. Incorporating accounts receivable…
…nearly 3,000. IPA has also named 10 firms under $5 million in net revenue for the Best of the Best Under $5 Million. Unlike their large-firm counterparts, these firms did…
…will apply to any entity that holds financial assets, which includes receivables, loans, and even some investments. Many nonprofits will be affected, especially those with exchange-type revenue transactions or large…
…comfort that the grant was paid out and provides proof of the timing of the payment. DO: Understand Proper Timing for Grant Recognition One of the biggest challenges we see…
…Sales (ACES) to Havtech. “Keiter Advisors Announces the Sale of Air Conditioning Equipment Sales” Excerpt: Founded in 1971, ACES has gained industry recognition as a highly respected Manufacturers’ Representative and…
…receiving this recognition were categorized by the number of employees. Keiter was in attendance for this event where the firm received the honor of being named one of the top…
…scanner or facial recognition to unlock a device. Plugging in a security key. In addition to protecting accounts from unauthorized access, MFA can also help to prevent a variety of…
…Not only do you get the charitable deduction, you also avoid recognition of the gain you would realize if you sold the stock and gave cash instead. Note: a $300…