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A Guide to Business Cyber Security

In the digital age, online security is among the most critical factors for any business. As more and more people are living their lives online, security has become a priority for those giving up sensitive information – including financial data – via the World Wide Web. Cyber threats are evolving with alarming sophistication, making it crucial for businesses to bolster their defenses against potential cyber-attacks. This comprehensive guide delves into the multifaceted approach required to safeguard your business and reassure your clients, emphasizing the importance of cyber security, phishing awareness, and network security.

Boomers, Taxes and the Housing Puzzle

As Baby Boomers approach retirement, many are considering downsizing their homes to simplify their lives and reduce expenses. However, what seems like a straightforward decision is often complicated by financial and tax implications, especially in today’s volatile housing market. This guide aims to shed light on the challenges and opportunities that come with downsizing, offering practical advice for those navigating this significant life transition.

IRS Resuming Sending Collection Notices

Due to the COVID-19 pandemic, the IRS suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued as a follow up after the initial notice. Although these reminder notices were suspended, the failure-to-pay penalty continues to accrue for taxpayers who did not fully pay their bills in response to the initial balance due notice.

IRS Disallowing 20,000 Employee Retention Credit (ERC) Claims

In its ongoing effort to combat questionable Employee Retention Credit (ERC) claims, the IRS has sent more than 20,000 letters advising taxpayers that the agency is disallowing their claims. This initial batch of letters is going to businesses that did not exist or did not have paid employees during the eligibility period (March 13, 2020, and December 31, 2021) to claim the claim the credit.

A Guide for Retirees Returning to Work

As you approach retirement age, the thought of returning to work might be on your mind. Whether you’re considering part-time roles or fully immersing yourself back into the workforce, this article is designed to provide insights into the financial aspects of such a decision. We understand that your return to work is a unique journey, and our aim is to help you navigate the tax implications, understand changes to retirement accounts, and make informed decisions about your social security income.

What You Need to Know About Gift & Estate Taxation

Gift and estate taxes are both part of the federal transfer tax system and are interconnected.

Gift tax applies to transfers of wealth during a person’s lifetime. If a person gives another person a gift that exceeds the annual gift tax exclusion ($17,000 in 2023), the giver (also referred to as the donor) may have to pay gift tax. However, there is also a lifetime gift tax exemption ($12.92 million in 2023), which means that a person can give away up to that amount over their lifetime without paying gift tax. When the amount given to another person during any year exceeds the annual exclusion for that year, the donor is required to file a Gift Tax Return (IRS Form 709), even if no gift tax is owed because the donor’s lifetime exemption hasn’t been exceeded. The IRS requires this filing so that they can keep track of how much of the donor’s lifetime exclusion has been used up.