News

As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the business. But there may be ways to get cash out of your closely held corporation without dividend treatment.

It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.

April 15 isn’t only the income tax return deadline, it’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2023 gift tax return. (Note: You may want to file one anyway).

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.

Is it better for a married couple to file a joint tax return or file separately? It depends. Here’s a look at the issue.

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a business that way.

When will my 1099 forms arrive and when is the best time to file my tax return? Here’s the answer to these and other tax season questions you may have.

Aggressive marketing encouraging businesses to claim the pandemic-related Employee Retention Tax Credit led to many taxpayers erroneously receiving refunds. The IRS has a program that allows them to come forward and repay part of the money before collection efforts begin.

Did you make a charitable gift last year and are hoping for a tax break when you file your return? Here are the donation rules to secure a deduction.

There are two strong incentives for eligible small businesses to operate as a special type of entity. Learn how a Qualified Small Business Corporation may work for your entity.

When will my 1099 forms arrive and when is the best time to file my tax return? Here’s the answer to these and other tax season questions you may have.

There’s a new fringe benefit your business may want to offer your employees: pension-linked emergency savings accounts. Here’s how they work.

How much can you save in an IRA this year and when do you have to start making withdrawals? Here are the answers to these and other IRA questions.

Do you consider 21- or 22-year-olds to be kids? For purposes of the “kiddie tax,” they might be. Here are the rules.

If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.

Out-of-pocket medical expenses can cost you a bundle. Can you deduct these expenses on your tax return? The requirements and limits may make it difficult. Here are the rules.

The real estate market has been tough recently. But there are still large profits being made on some business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.

You want the best tax result possible if you’re set to receive a personal injury or discrimination settlement or award. Some amounts are taxable while others are excluded from your taxable income. Here are the rules.

Are you dreaming of retiring to another state to escape cold weather or to be close to loved ones? Before calling the moving truck, examine the state and local tax implications.

"25 Emerging Fast Track 50 & 20-Year Hall of Fame Winner"

NMS is excited to announce the acquisition of Ted Reed Accounting.

What follows is a summary of the stimulus relief for businesses that is part of the Consolidated Appropriations Act, 2021 (H.R. 133) which was signed into law on December 27, 2020.

NMS will remain open, but no clients will be allowed into our offices for your health and safety and ours. Read on for how we'll still be here for you - only virtually!

Despite rumors, the un-extended due date to file your individual tax returns remains April 15. What has changed? Read more here.

NMS remains open for business. However, we have made substantial changes to our business practices until the risks of this health event subside. Read on for details.