The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law on Nov. 15, 2021. One major provision of the IIJA includes a requirement that cryptocurrency exchanges perform intermediary Form 1099 reporting for […]
IIJA’s New Digital Asset Reporting Requirement Read More »
WASHINGTON — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1,
IRS issues standard mileage rates for 2019 Read More »
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching methods.
Tax reform expands availability of cash accounting Read More »
As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this
Now’s the time to review your business expenses Read More »
Tax-free fringe benefits help small businesses and their employees.
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.
Tax-free fringe benefits help small businesses and their employees Read More »
FinCEN Form 114, formerly referred to as “FBAR”, Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account. The “FBAR” is due
Accelerated Due Date for FinCEN Form 114 Read More »
Form 1099-MISC along with many other informational returns are due to recipients at the end of this month. Last year, I gave a brief outline of who may be be required to file. Penalties for
Due Date for Forms 1099 Quickly Approaching Read More »
This past September, the IRS proposed a regulation that would require charitable organizations to collect personal information from its donors and file information returns with the IRS with this personal information for donations over $250.
Controversial Charitable Contribution Regulation Withdrawn Read More »
Falling behind on payroll taxes? Expect a call from the IRS soon. In a recent news release, the IRS announced its plans to launch a new initiative aimed at monitoring payroll deposit patterns. Employers that
IRS to Begin Contacting Employers with Late Payroll Tax Payments Read More »
With the 2015 tax filing season quickly approaching, I thought I would share this article the IRS published earlier this month about how to “Make a Wise Choice when Selecting a Tax Preparer”. I summarized
How to Choose a Tax Preparer Read More »
With the 2014 Tax filing season behind us, whitehouse.gov‘s interactive tool shows you exactly where your tax dollars were spent. It’s no surprise that over 50% of your taxes went to health care and national
Where did your tax dollars go in 2014? Read More »
