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IRS suspends processing of ERTC claims

IRS suspends processing of ERTC claims

by malkie@bottomlinemg.com | Oct 3, 2023 | Uncategorized

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of...
What are the pros and cons of custodial accounts for minors?

What are the pros and cons of custodial accounts for minors?

by malkie@bottomlinemg.com | Sep 14, 2023 | Uncategorized

Setting up an investment account for your minor child can be a tax-efficient way of saving for college or other expenses. And one of the simplest ways to invest on your child’s behalf is to open a custodial account under the Uniform Gifts to Minors Act (UGMA) or...
Update on depreciating business assets

Update on depreciating business assets

by malkie@bottomlinemg.com | Sep 5, 2023 | Uncategorized

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to...
Selling your home for a big profit? Here are the tax rules

Selling your home for a big profit? Here are the tax rules

by malkie@bottomlinemg.com | Aug 28, 2023 | Uncategorized

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher...
Life insurance can be a powerful estate planning tool for nontaxable estates

Life insurance can be a powerful estate planning tool for nontaxable estates

by malkie@bottomlinemg.com | Aug 28, 2023 | Uncategorized

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid assets they need to pay...
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