Business and Tax News
The Gig Economy and Your Taxes
The gig economy, also sometimes referred to as the sharing economy is a labor market characterized by the prevalence of short-term contracts or...
Changes in the 1099-K Reporting Threshold
On December 23, 2022, the IRS stated that it would postpone the $600 reporting requirement for Form 1099-K that was scheduled to take effect during...
Are you married to a nonresident alien? These Are Your Tax Filing Options:
Are you married to a nonresident alien? You can file alone or jointly with your nonresident foreign spouse, but every option has consequences. It’s...
Reporting rules changed for Form 1099-K
Prior to 2022, Form 1099-K was provided only for third-party network transactions that fulfilled both of the following criteria: There were more...
Five Overlooked Tax Breaks for Individuals
Are you unsure of what credits and deductions you may claim on your 2023 tax return? You’re not the only one! With tax legislation getting...
Highlights of the Secure 2.0 Act of 2022
President Biden passed the $1.66 trillion Consolidated Appropriations Act on December 29, 2022. The SECURE Act 2.0 of 2022, which incorporates a...
What Businesses Need to Know About the Excise Tax
Excise tax is a type of indirect tax levied on specified commodities, services, or activities. Gas, flight tickets, large trucks and highway...
Tax Implications of Renting Out a Second Home
In general, revenue from renting a vacation house for 15 days or more has to be recorded on Schedule E, Supplemental Income and Loss, on your tax...
Tax Credit for Hiring Long-term Unemployed Workers
With many companies enduring a tight labor market, employers should be aware of a useful tax credit available to them for employing long-term...
Small Business Taxpayers: The Year in Review
Here’s what company owners should know about 2022 tax legislation Standard Mileage Rates Because of inflation, there were 2 standard mileage rates...