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...
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...
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...
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...
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...
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...
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,...
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their retirement in a tax-advantaged manner, whether it be with pre-tax dollars in a traditional IRA (and taxable when withdrawn) or post-tax dollars in a Roth IRA (and non-taxable when withdrawn).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...
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...