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Blog Month: February 2022

02/15/2022 | ,

Understanding Sales and Use Tax on Services – Taxable and Non-Taxable Activities Depend on the State

Although many believe that services are exempt from sales and use tax, only a few states exempt all services.  On the other hand, only a few states actually tax all
02/15/2022 |

Cryptocurrency Donation Basics for Nonprofit Organizations

Over the past several years, cryptocurrency donations to nonprofit organizations have become commonplace. Individuals who are dedicated to digital currency, or who simply wish to take advantage of the potential
02/09/2022 |

Worker Co-op Owners: Where to Report Patronage Dividends (1099-PATR) on Your Form 1040 for 2021

This article outlines a suggestion for reporting your patronage dividends income for the 2021 tax year. Please keep in mind the caveat that this is not individual advice and you
02/09/2022 | ,

Net Operating Losses for 2021 and Beyond

If your cooperative is taxed as a corporation and has had losses in past years or may have them in the future the rules have changed for how those losses
02/08/2022 | ,

Good recordkeeping is good business and will help if you’re audited

Recordkeeping is an important part of running any small business. In fact, keeping good records helps business owners make sure their business stays successful.  Good recordkeeping is the key to
02/07/2022 |

Housing Allowance and Taxes

Housing allowances are wonderful benefits to those who qualify. A clergy who is ordained by a religious body (church or denomination) that performs religious and ministerial duties qualifies for this
02/04/2022 | ,

More Basis Disclosures This Year for S corporation Shareholders – Need to Complete New Form 7203 (to be Attached to 1040 Return)

In response to a renewed IRS focus on S Corporation shareholder basis issues, the IRS has developed a new tax Form 7203 that certain shareholders must include with their 2021
02/04/2022 | ,

S Corporation and Partnership Tax Filers – You may need to complete additional schedules K-2 & K-3 to report your foreign activities (even if you have none!)

Effective for tax years beginning in 2021, the IRS will generally require new Schedules K-2 and K-3 for persons filing Forms 1065, 8865, and 1120-S.  Partnerships/LLCs and S corporations are