Harness Wealth

JULY 31, 2025

These provisions can help preserve QSBS benefits while allowing you to realize gains, but executing them demands precise timing and thorough documentation. This approach can maximize the amount of stock eligible for QSBS tax benefits across your leadership team, making thoughtful acceleration of vesting a recommended strategy.

Taxes

Harness Wealth

APRIL 17, 2025

This option requires no additional documentation or complex calculations, making it an attractive choice for many taxpayers. This is particularly true for frequently audited credits, such as the Earned Income Tax Credit (EITC), which has historically been subject to fraudulent claims and requires robust supporting documentation.

Taxes

Harness Wealth

APRIL 30, 2025

This article will explore how to navigate complex tax situations arising from multiple income sources, examining various income types, reporting requirements, self-employment obligations, and strategic approaches to record-keeping and tax planning that can help protect your financial interests.

Taxes

Harness Wealth

APRIL 30, 2025

With proper planning, certain tax obligations can be legally deferred, reduced, or in some cases eliminated entirely. To maximize the value you ultimately receive from your exit, incorporating comprehensive tax planning into your strategy is highly advantageous.

Taxes

Harness Wealth

MARCH 6, 2025

Incomplete tax documentation: Waiting for essential tax documents, such as W-2s, 1099s, or other forms, is a common reason to file for a tax extension. Unexpected life events: Unforeseen circumstances, including illness, bereavement, or other emergencies, can disrupt tax preparation.

Taxes

Harness Wealth

AUGUST 1, 2025

Adopting OCR (Optical Character Recognition) OCR is a powerful technology that significantly improves operational efficiency by automatically converting text from scanned documents, PDFs, and even images into machine-readable data. If your tax practice isn’t using OCR technology yet, you should make looking into it a priority.

Taxes

The Big Picture

JULY 16, 2025

So I would urge planners and individuals pursuing their own retirement plans to think about building in some of those lifetime, uh, giving, uh, aspirations. And also, you know, there are really nice tax planning mechanisms that people can use to help them achieve, achieve those things as well. Exactly that.

Retirement

Tobias Financial

JUNE 2, 2025

By uploading estate documents, we can generate a visual flow of how assets are structured and intended to transfer, allowing our clients to clearly see how their plans align with their goals. The software also helps our team produce clean, concise reports, which are invaluable during planning discussions.

Estate Planning

Harness Wealth

AUGUST 5, 2025

It’s a burden that often falls on highly skilled tax professionals whose time could be far better spent elsewhere. The client communication hole: Chasing clients for missing documents , clarification on transactions, or approvals is another major drain on time and resources.

Taxes

Harness Wealth

APRIL 30, 2025

They receive copies of W-2s from employers, 1099s from clients, and other income-reporting documents. To avoid scrutiny, maintain detailed logs of business-related expenses , making sure that all deductions are directly related to business activities and are supported by proper documentation, such as receipts and itineraries.

Compliance

Inside Information

JANUARY 31, 2025

Depending on a firms tech strategy, she wrote, advisors may have to log in to the CRM, custodian, portfolio accounting, planning software, tax planning software, estate planning software, social security maximizer software, etc.,

Risk Tolerance

Harness Wealth

APRIL 16, 2025

Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.

Startup

Harness Wealth

APRIL 28, 2025

This article explores the distinctions between K-1 and 1099 reporting, explaining their impact on tax planning, basis calculations, filing deadlines, and strategies to optimize your after-tax returns from alternative investments.

Tax Planning

Harness Wealth

APRIL 16, 2025

Tax planning serves as the cornerstone of the entire acquisition deal, extending far beyond a simple checkbox. Every element, from structure to price negotiations, hinges on understanding tax implications for all parties involved. To qualify for tax-free treatment under IRC Section 368 , attention to detail is essential.

Taxes

Harness Wealth

DECEMBER 30, 2024

To file the election, employees should prepare documentation similar to a 83(b) election. This includes a written statement that must be submitted to the IRS and a copy provided to the employer. The statement should clearly indicate the intent to make an 83(i) election and contain all necessary details about the stock and vesting date.

Taxes

FMG

JUNE 17, 2025

Document Request Follow-up “Hi [Client Name], just checking in on those documents we discussed. New Service Introduction “Hi [Client Name], we’re now offering tax planning services that could save you significantly next year. ” This simple message makes a strong first impression.

Financial Advisor

Harness Wealth

JANUARY 29, 2025

Bunching strategies Bunching strategies are tax planning techniques used to maximize deductions by combining multiple years’ worth of deductible expenses into a single tax year. The Residential Clean Energy Credit offers up to 30% back on installation costs, helping reduce both your tax liability and energy expenses.

Taxes

Harness Wealth

MARCH 27, 2025

State and local taxes Secondary funds and their investors may face various state and local taxes, including income tax, franchise tax, and property tax. These taxes can vary significantly depending on the location of the fund, its investors, and its investments. FIRPTA planning using a U.S.

Taxes

Harness Wealth

JUNE 20, 2025

In this article, we’ll examine the most effective ways tax firms can integrate AI into their operations, take a look at the common pitfalls that come with the territory, and explore how platforms like Harness are delivering AI solutions tailored to the tax industry.

Taxes

Harness Wealth

MARCH 6, 2025

This contract serves as documentation for the IRS, substantiating your self-employment. A good rule of thumb is to set aside at least 30% of every payment you receive to cover your estimated tax obligationshowever, this percentage may need to be adjusted based on your individual tax bracket.

Taxes

Harness Wealth

JANUARY 9, 2025

Given the complexity and the potential for errors, consulting with an experienced tax professional is highly recommended. They can guide you through plan-specific rules, ensure proper documentation, and help you time your rollovers effectively to mitigate risks.

Taxes

Harness Wealth

JULY 31, 2025

What are the tax implications of buying startup shares? What are the tax implications of selling startup shares? How to trade startup shares effectively Tax planning strategies How platforms like Hiive and Harness can help FAQs What are startup shares? It should be noted that state tax implications can vary widely.

Startup

Harness Wealth

MAY 8, 2025

Whether you are contemplating forming an LP or already operate one, gaining clarity on tax matters can optimize your financial outcomes and ensure compliance with state and federal regulations. Identifying and leveraging these opportunities is a vital part of effective tax planning.

Taxes

Harness Wealth

JULY 31, 2025

Tax professionals must evolve beyond compliance work as AI creates opportunities for high-value advisory services in strategic planning, and risk management. Documentation requirements need significant updates to withstand AI-powered scrutiny, requiring practitioners to develop new expertise in record-keeping practices.

Taxes

Harness Wealth

JULY 14, 2025

A tax professional can help ensure proper documentation to avoid this. When dealing with complex alternative investments, why is it crucial to consult a tax professional?

Taxes

Zoe Financial

JUNE 20, 2025

2025 Observations in Retirement and Estate Planning Trend Insight Increased Use of Roth Conversions More high-net-worth individuals are adopting Roth conversion strategies as part of long-term tax planning—not to time the market, but to shift assets into tax-advantaged accounts over time, especially ahead of potential future tax increases.

Retirement Planning

Harness Wealth

FEBRUARY 5, 2025

If you fail to meet FEIE requirements, you may lose the exclusion and be taxed on your foreign-earned income. Non-compliance can also trigger penalties or audits, so its important to maintain proper documentation. What is the role of an income tax treaty in foreign-earned income taxation? An income tax treaty between the U.S.

Taxes

Darrow Wealth Management

NOVEMBER 11, 2024

If you don’t report, track, and file the form, when you take the money out, you’ll pay federal income tax on the same dollar twice. To prove that you’ve already paid tax on nondeductible contributions, you must keep the documentation forever.

Taxes

Zajac Group

NOVEMBER 7, 2024

Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. And for those with equity compensation in the mix, some extra consideration is required.

Planning

Harness Wealth

APRIL 16, 2025

The mechanics of recharacterization required careful documentation through IRS Form 8606 , along with coordination between financial institutions handling the movement of funds. Liquidity concerns often prompted investors to reverse conversions when they discovered insufficient funds to cover the resulting tax bill.

Taxes

Harness Wealth

AUGUST 5, 2025

AI-powered data extraction, automated data entry, and streamlined document management eliminate tedious manual tasks, drastically reducing errors and freeing up valuable staff time. Bottlenecks and delays The manual processing of documents creates bottlenecks, especially during peak tax seasons.

Taxes

Harness Wealth

APRIL 17, 2025

ISO taxation explained The tax treatment of ISOs begins with their grant, which triggers no immediate regular income tax obligation. However, when exercised, holders must calculate the spread between strike price and fair market value for Alternative Minimum Tax purposes. Documentation significantly impacts ISO tax planning.

Taxes

Harness Wealth

FEBRUARY 19, 2025

Enter reporting company information Legal Name: Enter the full legal name of the reporting company exactly as it appears on official documents. EIN/Tax ID: Enter the company’s EIN or other applicable tax identification number. Pay close attention to names, dates, addresses, and identification document details.

Taxes

Harness Wealth

JULY 31, 2025

For freelancers and independent contractors, Form 1099-NEC has become the primary document for reporting non-employee compensation exceeding $600. When processing payments through card transactions or third-party networks, you might receive a 1099-K as documentation.

Management

Nerd's Eye View

DECEMBER 30, 2024

We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)

Financial Advisor

Harness Wealth

MARCH 27, 2025

Maintaining accurate records: Along with diligently researching state-specific PTET requirements, business owners need to be equally careful when it comes to maintaining records of PTET payments, election forms, tax calculations, and supporting documentation.

Taxes

Harness Wealth

FEBRUARY 4, 2025

These costs are typically outlined in the fund’s Private Placement Memorandum (PPM) or offering documents. Tax Complexity: Many alternative investments issue Schedule K-1s instead of Form 1099, meaning investors may face additional tax reporting requirements, potential delays in tax filings, and increased preparation costs.

Taxes