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CHARLOTTESVILLE September 8, 2023 -- Hantzmon Wiebel LLP has been selected for the 2023 Best of Charlottesville Award in the Accounting firm category by the Charlottesville Award Program. Each year, the Charlottesville Award Program identifies companies that we...

If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you do not take RMDs, you will be hit with an expensive federal tax penalty, unless an exception applies. (See...

Does your business receive large amounts of cash or cash equivalents? If so, you are generally required to report these transactions to the IRS - and not just on your tax return. Beginning January 1, 2024, this reporting will have to be filed electronically. This...

Section 263A is an often misunderstood and misapplied part of the Internal Revenue Code. And it is one that many construction businesses — particularly homebuilders — should get a handle on to avoid unexpected tax issues and unwanted attention from the IRS. This...

Although summer is a time for vacations and relaxing in the backyard, you cannot afford to take a break from managing your tax bill. Now is a good time to consider proactive moves that could cut your 2023 tax liability. Assuming the current federal tax rules will...

Payroll is often a company’s most significant expense. Unfortunately, theft within the payroll system can result if internal controls are not in place and steps are not taken to detect fraudulent activity in the company’s records. But there is good news: Payroll fraud...

The U.S. Tax Court denied a charitable contribution deduction to a taxpayer for non-cash charitable contributions because the taxpayer did not comply with the reporting requirements. Background on the Deduction The Internal Revenue Code allows as a deduction any...

The tax-exempt status of a 501(c)(3) organization is its lifeblood. Without it, most not-for-profits could not obtain the financial and other support they need to fulfill their mission. That is why you need to protect your exempt status at all costs. Six Violations...

To maximize their tax savings, construction business owners need to plan year-round. Strategic tax planning is about not only knowing which credits and deductions your company can claim, but also minding other important details. Here are some questions to ask yourself...

Different states have different rules for determining whether a trust is a “resident” for income tax purposes. State tax liability can depend on the location of settlors, trustees, or beneficiaries. In some situations, a trust could be liable for taxes in multiple...