In what many political pundits are calling one of the most surprising and unlikely outcomes ever, Senators Schumer and Manchin have finalized negotiations on a new bill which would include several tax proposals. The new bill, called the “Inflation Reduction Act of...
Tax Information Reporting for Non-Profit Organizations
Information reporting, such as on Forms 1099 or W-2, is one of the crucial components of a well-functioning tax system. Such information reporting both assists taxpayers in filing of their annual returns as well as informs the government of income earned by...
Tax Tips with Ed: Changes In Tax Deadlines
On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 which implemented a change in the deadlines for certain tax returns, among other laws. Under the new law, the filing deadline for Partnership...
Tax Tips with Ed: Crowdfunding and Taxes
Crowdfunding has become the new popular way for people to try and start a new business or product idea, along with trying to raise funds for causes which they feel deserve fundraising. Using sites such as indiegogo, Kickstarter or gofundme, individuals create a page...
Tax Tips with Ed: ABCs of pass-through taxation (LLCs and S Corporations)
Currently the most popular forms of ownership for small and medium businesses is in the form of Limited Liability Companies (LLCs) or through S Corporations. These entities are relatively simple to set up and provide protection for assets of the owners of the...
Tax Tips with Ed: Workers Compensation Audits
Worker’s compensation insurance is a requirement in most, if not all states, when a business has employees. Depending on the nature of the business and the duties of the employees, the cost of this insurance can represent a significant expense for the business. The...
Tax Tips with Ed: Foreign Bank Account (FBAR) Deadline Approaching
The Internal Revenue Service and Department of the Treasury have in recent years increased their targeting of international bank accounts as a means of tax evasion. One method has been the introduction of Form 8938, Statement of Specified Foreign Financial Assets,...
Tax Tips with Ed: Early IRA Distributions
IRAs are an excellent way for taxpayers to save for their retirement in a tax-advantaged manner, whether it be with pre-tax dollars in a traditional IRA (and taxable when withdrawn) or post-tax dollars in a Roth IRA (and non-taxable when withdrawn). During hard times...
Tax Tips With Ed: Research and Development Credit
On Thursday, May 21st, 2015, the House approved a permanent extension of the Research and Development Tax Credit. This credit has proven to be very popular over the years and has been historically included in the year-end extenders package. The passage contained no...