Major League Financial

10/03/2024

What's Unrelated Business Income Tax (UBIT) and how it affects Nonprofits Organizations

Certain income of nonprofits is subject to federal and state corporate income tax. However, there are three exceptions to this unrelated business income tax (“UBIT”) that allow nonprofits to strategically plan and minimize their income taxes.

09/17/2024

IRS announce 1.3 billion recovered from high income high wealth individuals under inflation reduction act initiatives

IR-2024-233, Sept. 6, 2024 — Today, U.S. Secretary of the Treasury Janet L. Yellen and Commissioner of the Internal Revenue Service Danny Werfel are delivering remarks at the Austin, Texas, IRS campus to announce new milestones under Inflation Reduction Act initiatives to ensure wealthy individual...

08/22/2024

Unrealized gain tax a coming sea change in fy2025 budget proposal

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to val...

07/31/2024

Small start-up businesses can offset the R&D credit against payroll taxes.

https://www.journalofaccountancy.com/content/jofa-home/issues/2023/jan/research-credit-payroll-tax-offset.html/

07/18/2024

Market-to-Market Election

Under Sec. 475(f), taxpayers who are traders of stocks or other securities can make an election to mark to market the stock and securities they own in their capacity as traders at the end of each year.

07/16/2024

Does real estate rental qualify for QBI?

Optimal treatment under Sec. 199A eludes any one-size-fits-all solution.

02/29/2024

Are medical expenses tax deductible?

Paying for health insurance and medical bills can get expensive. Luckily, you can recoup some of those costs when you file your taxes by taking a deduction for medical expenses. To do so, the expenses in question must meet the qualifications outlined … Continue reading → The post How to Deduct M...

11/10/2023

IRS announces new income tax brackets for 2024

The IRS on Thursday announced higher federal income tax brackets and standard deductions for 2024. Here's what taxpayers need to know.

04/10/2022

Ingresos Fantasmas pueden aumentar la cuenta de los impuestos.

A tax form relating to forgiven debt can cause stress by itself. But a 1099-C error can bring on additional headaches. Here's what to do.

03/30/2022

Need help filing this tax season?

If you’re not sure how to accurately file your crypto taxes — or if you just don’t have the time to get into the nitty gritty of your transactions — you may want to work with a Certified Public Accountant (or CPA).

03/23/2022

How to report Cryptocurrency to the IRS

Here's how to report cryptocurrency transactions to the IRS.

01/19/2022