Key Tax Planning Considerations for the 2023 Tax Year
It’s time for our most heavily attended webinar annually! As the calendar year draws to a close, now is the time to consider your 2023 tax liability and arm yourself with the right tax planning knowledge to finish the year on a high note. Join GRF’s tax experts for our annual tax planning webinar as…
2023 Year-End Tax Planning Resources
We’ve compiled some year-end tax planning resources to help you prepare for your 2023 returns. Bookmark this page! More resources will be added as they become available. On demand webinar: Key Tax Planning Considerations for the 2023 Tax Year View slides and presentation Top 10 Year-End Tax Considerations for Individuals, 2023 Read the…
Tax Rules for Holiday Parties and Gifts
The holidays are just around the corner, and now is the time for employers to start thinking about treating their employees with holiday parties and gifts. Such gestures are always a nice idea. Plus in a tight labor market, they can be a smart way to show appreciation and boost retention. But you need to…
New Business Travel Per Diem Rates Effective October 1
Are you and your employees frustrated by the time-consuming task of documenting and reviewing travel expenses? The IRS offers simplified methods for reimbursing employees’ out-of-town lodging, meals and incidental expenses. Here’s what you’ll need to know to determine if this simplified approach is right for your business. High-Low Method Under the “high-low method,” the IRS…
Social Security Wage Base and Earnings Test Amounts for 2024
The Social Security Administration (SSA) recently announced that the “wage base” for computing Social Security tax will increase for 2024 to $168,600. This is up from $160,200 for 2023. Federal law limits the amount of earnings that are subject to the Old-Age, Survivors, and Disability Insurance (OASDI) tax in a given year. This threshold, referred…
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn’t. Taxpayers may be surprised by the expansive IRS definition of “intangible asset” and the impact it can have on their tax bills.
Options for Unused 529 College Savings Accounts
Section 529 plans can be a tax-smart way to save for college and other qualified education expenses. Contributions to these plans aren’t deductible for federal tax purposes, but earnings and gains accumulate federal-income-tax-free. Then you can take federal-income-tax-free withdrawals to cover qualified education expenses. What happens if a 529 account turns out to be overfunded…
Tax Considerations When Adding a New Partner
Learn the tax rules that may apply if you bring a new owner into a partnership, or into a limited liability company that’s treated as a partnership for tax purposes.
Tax Implications of the New Lease Accounting Rules
Private businesses implemented new lease accounting rules in 2022, resulting in a major shift in how leases are reported for “book” purposes. While the tax rules for leases haven’t changed, the new accounting rules can have notable implications for how the tax rules play out. New Accounting Rules The Financial Accounting Standards Board (FASB) issues…
Richard Bell, CPA, J.D., Joins GRF CPAs & Advisors as Principal in Tax Services
August 9, 2023 (Bethesda, MD) – GRF CPAs & Advisors (GRF), an Inside Public Accounting (IPA) Top 125 Public Accounting Firm and Accounting Today Regional Leader, is pleased to announce Richard Bell has joined the firm as a principal in the tax services department. Mr. Bell has more than 18 years of experience working in…