Take Advantage of the Gift Tax Exclusion Rules
As we head toward the holiday season, you may be considering giving gifts of cash or securities to loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. For 2019, the exclusion is $15,000 and the amount […]
The Chances of an IRS Audit are Low, but Business Owners Should Be Prepared
If you’re like most business owners you’re asking: How can I avoid an IRS audit? The good news is the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates […]
