Tax

In the latest draft of the Schedule K-2/K-3 (1065) instructions released on December 2, 2022, the IRS has expanded eligibility for the new domestic partnership exemption from filing Schedules K-2 and K-3 and revised the partnership notification requirements for partnerships that want to qualify for the exemption

At a Glance Main Takeaway On an income statement, stock-based compensation is recognized as a non-cash expense, just like other operating expenses such as depreciation

At a Glance Main Takeaway Property tax affects individual homeowners, but it also factors into tax considerations for real estate property owners

At a Glance Main Takeaway The Paycheck Protection Program (PPP) was established by Congress to provide aid for businesses, self-employed workers, sole proprietors, and nonprofit organizations to keep employees on payroll while these businesses may have been shut down due to the COVID-19 pandemic

Windes Senior Tax Manager Brooke Sigler and Tax Manager Matt Whipple have produced a user-friendly tax data schedule for 2022

At a Glance Main Takeaway Many people interested in building personal and generational wealth follow the buy, borrow, die tax planning strategy to reduce tax liability on their assets

At a Glance Main Takeaway A new IRS provision passed in July 2022 extends an estate's time to elect the portability of a deceased spouse's unused exclusion amount (DSUE)