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?
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 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.
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).
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…
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…
Our January bulletin looks at IRAs – Double (and triple) IRA season is here, reviewing your insurance coverage, and the IRS’s take on business meal deductions.
Our Dec 2018 bulletin looks at the affect of the new SALT deduction limits on home sales, the importance of powers of attorney, and how small businesses should handle year-end bonuses.
Our November client bulletin takes a look at tax planning for individuals and businesses under the new tax law, with a close look at changes to individual deductions.
The new tax law made changes that can reduce or even remove the tax benefits of making charitable contributions. We put together a few strategies that you can use to save on taxes while maintaining your charitable giving.
