5 Proven Strategies to Control and Manage Your Hotel Property Taxes
Many hotel owners overlook the significant impact property taxes can have on their bottom line. How to make sure your property taxes are under control in just 5 steps. Owning a hotel can be both rewarding and challenging. One of the biggest challenges? Property...
International Tax Noncompliance Penalties Are Now Harder To Escape
Why it’s now harder to avoid penalties—and what you should do about it. According to a recentForbes article by international tax attorney Virginia La Torre Jeker, the IRS has significantly stepped up enforcement around offshore income and foreign asset disclosures....
What Happens If You Don’t Report Rental Income?
Not reporting rental income can lead to serious consequences. Here's what you need to know: Penalties and Interest The IRS imposes various penalties for underreporting or failing to report rental income. An accuracy-related penalty typically amounts to 20% of the...
Trump’s 2024 Tax Proposal: What Individuals and Businesses Need to Know
President Trump’s future tax proposals are making headlines with plans to reduce tax burdens for individuals and businesses while aiming to stimulate economic growth. Here’s what you need to know: Key Insights Extension of 2017 Tax Cuts: Proposed to make the lower...
Tax Extensions & Crypto Rules: Stay Ahead of the IRS in 2024
Missed the April Tax Deadline for Your 1040? Here’s How a Tax Extension Works Did the tax deadline sneak up on you this year? You’re not alone—millions of people filed for a tax extension in 2024, pushing their individual deadline from April 15 to October 15. But...
Supreme Court Ruling Alters Tax-Free Business Transfers
A recent Supreme Court decision has impacted how small businesses handle ownership transfers when a key shareholder dies. In Connelly v. United States, the court decided that life insurance proceeds used by a company to buy back shares of a deceased shareholder must...
Navigating Your Finances: IRS Updates for Your 2024 Taxes
The IRS has recently unveiled significant changes for the 2024 tax year, and it's important for you to be in the know as these updates could impact various aspects of your financial landscape. In terms of what's new, the Hazardous Substance Superfund financing rate is...
Tax and Investment Maze: A Guide for Indian Expats in the US
Many people have always dreamed of coming to the United States, but for other people, like Karen, the process entails several tax and investment issues.
2023 Tax Highlights: Everything You Need to Know
As we approach the 2023 TAX DEADLINE by April 15, 2024, it's essential to stay up-to-date with the latest tax changes and plan our financial strategies accordingly. If you need more time - a form extension till Oct 15, 2024 - our office will file that paperwork for a...
Navigating the 2024 Tax Landscape: A Comprehensive Guide by Ascent Tax & Advisory
2023 tax tips what changed and how to better your finances in 2024 + Navigating Your Finances: IRS Updates for Your 2024 Taxes
Child Tax Credit – What has changed for 2023 Tax year?
Welcome to our latest newsletter! The IRS has unveiled significant changes for the 2024 tax year, impacting various financial aspects. This credit can provide a maximum refund of $3,000 to $6,000 on qualified expenses, depending on your filing status. We understand...
Getting the Hang of Tax Depreciation
Tax depreciation can feel like a mind-boggling maze, especially for busy tax pros hustling through the tax season chaos.
Changes to Real Estate Commissions – Long Overdue, or a Bad Idea?
The residential real estate sector is about to face disruption due to a recent jury ruling that was rendered against the National Association of Realtors (NAR) and major residential brokerages.
High Mortgage Rates and Homebuyer Trends
Due to the fact that mortgage rates are at their highest point in more than 20 years, more homebuyers are considering riskier mortgage options
Impact of Federal Reserve’s Decision on Your Finances
The Federal Reserve left its target federal funds rate unchanged for the second consecutive time Wednesday.
Stay Informed: How the Corporate Transparency Act Affects Your Business
On January 1, 2024, a new law in the United States called the Corporate Transparency Act (CTA) will go into effect. It is made to address the issue of untraceable shell corporations being utilized for dubious activities like tax evasion and money laundering. Proper...
Understanding the Controversy: International Student Caps in Canada
Canada is facing a housing crisis, and there's a debate about the role of international students in exacerbating the issue. Federal ministers have suggested imposing limits on international student admissions, but some provinces oppose this idea. British Columbia, New...