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Expert Tax & Accounting Insights — Page 30

Stay informed with the latest tax strategies, accounting best practices, and financial insights from our team of experienced CPAs.

Page 30 of 32

What is an International Tax Accountant?

An International Tax Accountant specializes in handling tax obligations that cross international borders. They assist businesses and individuals in complying with both domestic and foreign tax laws, helping to minimize liabilities while staying compliant. Their services typically cover tax treaty benefits, foreign tax credits, expatriate tax filings, and compliance with international reporting requirements like FATCA and FBAR.

October 19, 2024Tax Strategy & Planning5 min read

Recent Changes in NYS and NYC Tax Law: 2024 Updates and Implications

Navigating tax laws in New York State (NYS) and New York City (NYC) requires staying updated on the latest legislative changes. The year 2024 brings significant updates in tax regulations that impact both businesses and individuals. This article overviews these changes, their implications, and how they align with broader federal tax policies. Additionally, it discusses the effects of these updates on remote workers in the post-pandemic era.

October 19, 2024Tax Strategy & Planning5 min read

Corporate and Business Taxes in New York: A Comprehensive Overview

New York’s corporate and business taxes are complex due to the state’s intricate structure and additional municipal layers, particularly in New York City. Businesses operating in New York must understand their tax obligations to stay compliant and optimize their tax positions. This article examines corporate and business taxes in New York, covering the state’s Corporate Franchise Tax, NYC General Corporation Tax, Sales Tax compliance, and S-Corporation taxation.

October 2, 2024Tax Strategy & Planning5 min read

NYC Sales Tax: What Is It?

In 2025, the total NYC sales tax remains 8.875% (comprising 4% State, 4.5% City, and 0.375% MCTD taxes) and applies to most tangible goods, including clothing over $110, while continuing to exempt essential items like most groceries, prescription medicines, and clothing or footwear priced under $110.

October 2, 2024Tax Strategy & Planning5 min read

Mortgage Interest Deduction and Excess Mortgage Rule

The Mortgage Interest Deduction allows homeowners to deduct the interest paid on their mortgage for their primary or secondary home. This deduction applies to loans up to $750,000 for mortgages taken after December 15, 2017, or up to $1 million for loans taken before that date. This tax benefit can significantly reduce your taxable income.

September 26, 2024Tax Strategy & Planning5 min read

How Does Crypto Tax Work?

The IRS treats cryptocurrency as property, meaning every sale, trade, or purchase triggers a capital gain or loss (taxed at 0%–20% long-term or 10%–37% short-term). In 2025, the One Big Beautiful Bill Act (OBBBA) increased the standard deduction to $15,750 for singles. Notably, for the 2025 tax year, you must now use a mandatory wallet-by-wallet accounting method and will receive the inaugural Form 1099-DA from custodial brokers reporting your gross proceeds.

September 26, 2024Tax Strategy & Planning5 min read

Can You Avoid Crypto Tax?

In 2025, you can legally minimize cryptocurrency taxes by leveraging tax-loss harvesting to offset gains and $3,000 of ordinary income, holding assets for over a year to qualify for lower long-term rates (0%–20%), or utilizing self-directed IRAs and charitable donations for tax-free growth and deductions.

September 22, 2024Tax Strategy & Planning5 min read

When Did Crypto Tax Start?

In 2025, cryptocurrency continues to be taxed under the landmark IRS Notice 2014-21, which first classified digital assets as property subject to capital gains (0%–20% long-term; 10%–37% short-term) and ordinary income rules. For the 2025 tax year, the IRS has introduced Form 1099-DA, requiring brokers to report your gross proceeds directly to the government, while also implementing a mandatory wallet-by-wallet method for tracking your cost basis.

September 18, 2024Tax Strategy & Planning5 min read

Minimum Required Distribution MRD Age: A Simple Guide for 2024

Under the SECURE Act 2.0, the mandatory age to start Required Minimum Distributions (RMDs) is now 73 for those born between 1951 and 1959, and will increase to 75 in 2033 for those born in 1960 or later. For 2025, if you have reached age 73, you must withdraw a specific amount based on your Dec 31, 2024, account balance and the IRS life expectancy factor to avoid a 25% penalty.

September 17, 2024Tax Strategy & Planning5 min read

How Much Do You Have to Withdraw from Your 401(k) at Age 72?

Starting at age 73, most retirees must begin taking Required Minimum Distributions (RMDs) from their 401(k). To calculate your 2025 RMD, divide your account balance (as of Dec 31, 2024) by the IRS life expectancy factor for your current age.

September 16, 2024Tax Strategy & Planning5 min read

Depreciation Life for Each Asset Class: A Simple Guide

Asset depreciation life, set by the IRS under MACRS, determines how quickly you can write off business equipment. Standard periods include 5 years for tech/cars, 7 years for office furniture, and 27.5 years for residential rentals. For 2025, the "One Big Beautiful Bill Act" has permanently restored 100% bonus depreciation for assets placed in service after January 19. Additionally, the Section 179 limit has increased to $2.5 million, allowing massive immediate write-offs.

September 15, 2024Tax Strategy & Planning5 min read

When and How to Take Your RMD: A Complete Guide for Retirees

Under the SECURE 2.0 Act, the age for Required Minimum Distributions (RMDs) is now 73 for those born between 1951 and 1959. For 2025, retirees reaching this age must calculate their withdrawal by dividing their prior year-end balance by the IRS life expectancy factor (e.g., 26.5 for age 73). Failing to meet the Dec 31 deadline results in a 25% penalty, though it can be reduced to 10% if corrected within two years.