Don’t Fall for the $91 NYS Biennial Fee Scam
Have you received a notice about a $100 Biennial Fee for NYS? Wondering if it is legit? Send it over and let us help you determine whether it’s official before making any payments!
Author Archives: Jason Ackerman
The IRS’s Crypto Letter Frenzy – Have you received one?
In 2018, the IRS announced a Virtual Currency Compliance campaign to start reining in non-compliance related to virtual currency transactions. By the end of August, over 10,000 taxpayers will have received a crypto letter. Have you received one?
Connecticut Wants Small Business Owners to Get Their SALT Deduction, Just Not as Much as They Used To
It’s important to be aware of the implications of changes to the tax law, both on the federal and on the state and local levels. This article focuses on a change in SALT deductions in Connecticut for small business owners.
When to Have Your LLC Taxed as an S-Corp
When is the right time to have your small business taxed as an S-Corp? We look at some the pros and cons to consider when weighing this change.
Staying on Top of Changes to the 20% QBI Deduction (199A) – One Year Later
How has the 20% QBI Deduction changed since it’s release last year? This deduction was a fundamental change to the tax code brought on by the TCJA, and just over a year later (thanks to a recent IRS FAQ), we have some additional clarity on how it affects taxpayers (and who gets left out in the dust).
Sometimes Congress Admits Its Mistakes – Correcting the QIP/Bonus Depreciation 15-Year Glitch
A technical glitch in the TCJA prevented taxpayers from taking bonus depreciation on Qualified Improvement Property. Now Congress is out to get this fixed.
Update: How to Ensure Your Real Estate Investment Qualifies for the 20% QBI Deduction
The IRS knows that there has been confusion as to whether or not rental real estate qualifies for the new 20% pass-through deduction on Qualified Business Income. The IRS issued guidance in the form of a safe harbor, which, if met, will ensure that your rental property qualifies for this valuable tax deduction. We break down the safe harbor to help you determine if your property qualifies…
How a Glaring Hole in Quickbooks Online Makes Life Difficult for Accrual-Basis Companies That Are Cash-Basis Taxpayers (And How to Work Around It)
Quickbooks Online does many things well, but the inability to indicate if a journal entry should affect both accrual and cash basis reports or if it should only affect accrual basis reports is a glaring hole that can make things difficult for small business owners (especially for businesses with deferred revenue), so we came up with a workaround…
The Hobby Loss Rules, Or How Your Hobby Can Hurt You Come Tax Time
Could the IRS view your side hustle as a hobby instead of a business? If they do, you could be in for a rough surprise come tax time. Know what it takes to ensure your business doesn’t fall prey to the brutal Hobby Loss rules.
Update: Aggregating Multiple Pass-Through Entities for the 20% QBI Deduction
Update: The IRS recently released guidance related to the 20% QBI deduction. In this article we dig into the concept of aggregation and what it means for owners of multiple related businesses.