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Ground News has come across 19 headlines reported on by WCS during the past 3 months.

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Top WCS News

Baltimore, MD · Baltimore

Still have tax questions? You’re not alone - WCS - Tax Preparation in Baltimore MD

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1. When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready: Social Security number, Filing status, and Exact refund amount. Enter them, and the tool will tell you whether your refund is received, approved or on the way.…Read Article

United States · United States

The “wash sale” rule: Don’t let losses circle the drain - WCS - Tax Preparation in Elkton MD

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal income tax purposes, the wash sale rule could disallow your hoped-for tax loss. Rule basics A loss from selling stock or mutual fund shares is disallowed if, within t…See the Story

Artificial Intelligence · Harford County

Automate that! How AI and other software can help improve efficiency - WCS - Accounting Firm in Harford County MD

Not-for-profits often work with limited resources, making efficient operations critical. Artificial intelligence (AI) and other forms of automating repetitive tasks can improve donor engagement, optimize fundraising and expand outreach. Human touch Nonprofits understandably might fear that automation will remove the human touch valued by everyone from founders to constituents, but they have plenty of reasons to embrace the technology. For exampl…Read Article

Crowdfunding can be easy, but the tax implications may not be - WCS - Accounting Firm in Baltimore MD

Does your not-for-profit use crowdfunding platforms — such as Kickstarter, GoFundMe and Indiegogo — to raise money? Many nonprofits have found they’re a great way to engage potential supporters, particularly younger adults. However, there are tax implications that may be different from what you’re used to with other fundraising methods. Let’s take a look. IRS definition According to the IRS, crowdfunding is a method of raising money through webs…GoFundMe · Baltimore Read Article

Calls to end 'regulatory whiplash' around independent contractor rules

With worker classification determination changes from administration to administration, trucking is calling on Congress to create stability and codify the previous Department of Labor rule.United States · United States See the Story

Understanding the “Step-up in Basis” when Inheriting Assets - WCS - Tax Accountant in Bel Air MD

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is generally what the owner paid for an asset, adjusted for improvements, depreciation, return of capital, etc. Capital gain (or loss) e…Taxes · United States See the Story

Promoting good governance with a board policy - WCS - Tax Preparation in Baltimore County MD

Your nonprofit’s board of directors should enjoy the role, the opportunity to support a cause close to their hearts and the camaraderie of working with others who’re dedicated to achieving the same mission. But the job can be challenging. For example, boards must take ethical and practical action in times of crisis and always avoid conflicts of interest. You can help your directors navigate obstacles and make appropriate decisions with a board g…Baltimore, MD · Baltimore Read Article

Americans Should Be Able to Easily E-File Their Taxes with the IRS for Free

88% Center coverage: 24 sources

For millions of Americans, filing taxes is already a frustrating, time-consuming ordeal. Now, a free online tool that promised to make the process easier is under political threat.Taxes · United States See the Story

Mine your nonprofit’s audit report for good suggestions - WCS - Tax Preparation in Harford County MD

Only some not-for-profit organizations are required to conduct independent annual audits. For example, the federal government and many states mandate an audit if a nonprofit receives more than a specific amount in charitable donations. Some grantmakers and lenders may do so as well. But even if audits aren’t required, they’re a good idea for all organizations. They can alert you to critical shortcomings, promote transparency and help reassure do…Harford County · Harford County Read Article

IRS clarifies theft and fraud loss deductions - WCS - tax accountant in bel air md

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice memo” (CCA 202511015) from the IRS’s Office of Chief Counsel suggests more victims of fraudulent scams may be able to claim a theft loss deduction than previously understood. Casualty loss deduction basics The federal tax code generally allows individuals to deduct the following types of losses, if th…Bel Air · Bel Air Read Article

6 essential tips for small business payroll tax compliance - WCS - Tax Accountant in Alexandria VA

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all taxes withheld. Organizing your documentation makes it easier to verify that you’re withholding …Alexandria, VA · Alexandria Read Article

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Top WCS News

Still have tax questions? You’re not alone - WCS - Tax Preparation in Baltimore MD

The “wash sale” rule: Don’t let losses circle the drain - WCS - Tax Preparation in Elkton MD

Automate that! How AI and other software can help improve efficiency - WCS - Accounting Firm in Harford County MD

Crowdfunding can be easy, but the tax implications may not be - WCS - Accounting Firm in Baltimore MD

Calls to end 'regulatory whiplash' around independent contractor rules

Understanding the “Step-up in Basis” when Inheriting Assets - WCS - Tax Accountant in Bel Air MD

Promoting good governance with a board policy - WCS - Tax Preparation in Baltimore County MD

Americans Should Be Able to Easily E-File Their Taxes with the IRS for Free

Mine your nonprofit’s audit report for good suggestions - WCS - Tax Preparation in Harford County MD

IRS clarifies theft and fraud loss deductions - WCS - tax accountant in bel air md

6 essential tips for small business payroll tax compliance - WCS - Tax Accountant in Alexandria VA

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