Digital assets and taxes: What you need to know
Curious how your crypto, NFTs or stablecoins could impact your taxes? We break down what the IRS expects and how to stay compliant when reporting digital asset transactions. Contact our tax experts for help.
Have you made arrangements for your pets in your estate plan?
Including your pets in your estate plan ensures they’ll continue to receive care if something happens to you. Unless you arrange for their care and support after your death, they’ll go to the residuary beneficiary in your will. Here's how to address your pets in your estate plan.
After a person dies, his or her debts live on
It’s important to realize that a person’s debt doesn’t just vanish after his or her death. An estate’s executor or beneficiaries generally aren’t personally liable for any debt. The estate itself is liable for the deceased’s debt. This is true regardless of whether the estate goes through probate or a revocable trust is used to avoid probate. Contact our estate planning advisors for details.
When corporate sponsorships raise UBIT issues
At a time when every dollar counts, your nonprofit doesn’t want to end up with a UBIT bill. So be careful when accepting corporate sponsorships because some can be risky. Read here or contact our nonprofit advisors for helpful tips.
Being a gig worker comes with tax consequences
The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online, or offering local services like pet walking, it’s crucial to understand the tax implications of gig work to stay compliant and avoid costly surprises. Contact our tax advisors with questions.
Hiring independent contractors? Make sure they’re properly classified
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences such as audits, back taxes, penalties and even lawsuits. Our business advisors can also consult with you on this topic.
The tax rules for legal awards and settlements: What recipients should know
If you receive a court award or out-of-court settlement, do you have to pay tax on it? The answer is … it depends. The way a settlement is structured can significantly affect your tax liability, making professional guidance essential. We can help you understand the rules, ensure proper reporting and potentially reduce your tax burden. Contact our tax advisors to discuss how a court award or out-of-court settlement may affect your taxes.
Crowdfunding for your nonprofit can be easy, but the tax implications may not be
Crowdfunding campaigns can help nonprofits raise money for individuals or causes. But it’s critical that your organization and its supporters understand the tax implications. Contact our nonprofit advisors for more information.
If you’re married, ensure that you and your spouse coordinate your estate plans
Unintended consequences can result if you and your spouse fail to properly coordinate your estate plans. By working on your estate plans together, you and your spouse can take full advantage of the marital deduction and applicable gift and estate tax exemptions. This can help minimize the overall tax burden on both estates. Contact our estate planning consultants with questions.
Can you turn business losses into tax relief?
Having a tough year? Find out how net operating losses (NOL) can convert today’s setbacks into brighter tax savings in the future. Also, read more about the changes and limits on the Tax Cuts and Jobs Act (TCJA). Contact our business tax advisors with questions.