New Threshold for Filing Electronic Information Returns
If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information...
Tax-Saving Opportunities for Manufacturers in 2024
What is the tax outlook for manufacturers as 2024 begins? While certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS)...
Hantzmon Wiebel LLP Admits Clarissa B. Hoffman, CPA, and Mark P. Wheeler, CPA, ABV, CFF, into the Firm Partnership
Charlottesville, VA – On January 1, 2024, Hantzmon Wiebel LLP admits Clarissa B. Hoffman, CPA, and Mark P. Wheeler, CPA, ABV, CFF, into the firm partnership, bringing the CPA and advisory services firm to 16 partners. Hoffman joined Hantzmon Wiebel in 2011. She...
Partners Richard M. Busofsky, CPA, and Glenn M. Lankford, CPA, Retire from Hantzmon Wiebel CPA Firm
Charlottesville, VA – On December 31, 2023, Hantzmon Wiebel LLP partners Richard M. Busofsky, CPA, and Glenn M. Lankford, CPA, will retire from the firm after more than 65 years of combined service. Busofsky will enter into full retirement attending live music...
Corporate Transparency Act – Beneficial Ownership Information Reporting Requirement
Disclaimer: The information provided by Hantzmon Wiebel is intended solely for informational purposes and should not be construed as legal, financial, or professional advice. It is not a substitute for consultation with a qualified legal professional. Hantzmon Wiebel...
Act Now to Leverage the Gift Tax Exclusion Before Year End
The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the givers or recipients. Year end often is a busy time for gifting, as taxpayers move to take...
IRS Delays $600 Form 1099-K Reporting Threshold
Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe a sigh of relief: On November 21, 2023, the IRS announced that the deadline for the new $600 reporting threshold will not go into effect for the 2023 tax year — and it...
Tips for Reducing the Impact of NIIT
The net investment income tax (NIIT) was enacted more than a decade ago. While repeal has been discussed more than once, it continues to ensnare a growing number of taxpayers. If you are at risk for this additional tax, there may be some options to reduce your odds of...
7 Tax Breaks for Parents
It is challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits, according to a 2023 study published by Lending Tree. That is an increase of roughly 19% from 2016...
Spelling Out the Rules for the Net Unrealized Appreciation Tax Break
Are you a small business owner or corporate owner holding appreciated company stock in your 401(k) or other qualified employer-sponsored retirement plan? At some point, you may decide to cash in your stock. If so, you can benefit from an unprecedented federal income...