Tax

Showing 205-216 of 260 items

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...

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Business

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...

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Business

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...

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Business

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...

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Business

01/26/2022

Stepped-up basis upon inheritance of assets – Will it stay or go away?

“Step up” in basis is a strategy that is used for avoiding capital gains taxes when an asset is passed...

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Tax

01/20/2022

Be Safe – File Early

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (E-filed business returns...

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Tax

01/20/2022

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your...

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Tax

01/20/2022

There’s a deduction for student loan interest … but do you qualify for it?

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest...

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Tax

01/10/2022

Opportunity to Defer Tax with a Like-Kind Exchange

Have you been thinking of selling a property that is used for business or held as an investment, but do...

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Business

01/03/2022

Form 1099-NEC Information Returns

As the new year begins, so does the 2021 tax reporting season. In January, all Form 1099s are due to...

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Tax

12/29/2021

Keep an Eye Out for Letters from the IRS: In January 2022 the IRS will begin sending out Advance CTC & EIP Letters

If you received the 3rd Stimulus payment or Advanced Child Tax Credits this past summer – fall, the IRS will...

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Tax

12/20/2021

De Minimis Fringe Benefits to Employees

With the holiday season approaching employers may desire to reward their employees with a little something extra in their stockings...

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Business