Tax Tips with Ed

Tax Impacts of the Inflation Reduction Act of 2022

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their retirement in a tax-advantaged manner, whether it be with pre-tax dollars in a traditional IRA (and taxable when withdrawn) or post-tax dollars in a Roth IRA (and non-taxable when withdrawn).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

Tax Tips with Ed: Jock Tax (Multi-State Withholdings)

On May 1, 2015, New York Yankees Third Baseman/Designated Hitter Alex Rodriguez hit his 660th career homerun, triggering a $6 million dollar bonus for the first of 5 milestone home runs. While the Yankees are disputing whether or not they have to pay this bonus,...
Tax Impacts of the Inflation Reduction Act of 2022

Tax Impacts of the Inflation Reduction Act of 2022

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...

read more
Tax Information Reporting for Non-Profit Organizations

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...

read more
Tax Tips with Ed: Changes In Tax Deadlines

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...

read more
Tax Tips with Ed: Crowdfunding and Taxes

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...

read more
Tax Tips with Ed: Workers Compensation Audits

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...

read more
Tax Tips with Ed: Early IRA Distributions

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...

read more
Tax Tips With Ed: Research and Development Credit

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...

read more