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When Can You Dump Old Tax Records?

Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep...

Why Quality Bookkeeping Matters

If you had to make a list of all the things that most business owners hate, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe they had a financial goal...

Benefits of Qualified Opportunity Funds Waning

A Qualified Opportunity Fund (QOF) is an investment vehicle which is organized as a corporation or a partnership for the purpose of investing in qualified opportunity zone property acquired after December 31, 2017. The QOF must hold at least 90% of its assets in...

How Employee Stock Options Are Taxed

Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific...

It’s Not Too Late for an IRA Contribution

Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by...

SECURE 2.0 Provisions You Need to Know About

The SECURE 2.0 Act (PL 117-328, 12/29/2022) contains a prodigious number of changes affecting retirement plans, as well as some changes outside of the retirement arena. The information is presented in this easy-to-read chart showing how the rules have changed, when...