The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. If you receive one of these notices, you need to compare the accounts listed on the notice with your records and correct or update your records, if necessary. These CP2100 […]

The pandemic brought many changes with it, and one that seems to be lasting for many is the option for employees to work from home. This change comes with its own new challenges and questions. One of which relates to fringe benefits provided to employees, specifically if a fringe benefit was offered for parking that […]

The ability to have a business based around a hobby you are passionate about is a common dream. But what happens if you wake up from that dream to the IRS saying that your hobby still doesn’t count as a business, it’s only a hobby? To be considered a business by the IRS the venture […]

You want to sell property that was used in your trade or business, but what will the tax consequences of that sale be? The answer: it depends. There are many rules that could potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is […]

As you are starting your business or as your business grows you may see the need for funding from outside investors. Whatever the case may be, you want to have a plan in place to catch the investors interest with your vision, financials and business plan. To do so, many businesses today put together a […]

If you are in the midst of a move, you may be considering converting it to a rental property instead. Just like there are financial risks and rewards to taking this step, there are also tax benefits and pitfalls that you should be aware of. You’re generally treated as a regular real estate landlord once […]

It may seem like adding a new partner to your business is as easy as adjusting your ownership percentages and adding their name to the tax return, but there are many things to consider when taking this step. Not as simple as it seems Although the entry of a new partner appears to be a […]

Summer is almost here which means school is almost out. The youth will soon be on their job search for the summer, if they are not already. There are a few items in particular that you should brush up on if you will be hiring minors. Finer points of the FLSA The Department of Labor […]

Taxpayers still have questions after their tax returns have been filed. 3 questions in particular are common: “What can I throw away?”, “What is the status of my refund?”, “What if I forgot to report something?”. If you find yourself having these questions, read on. 1. You can throw some tax records away now You […]

As always, there are tax advantages and disadvantages depending on what type of entity you establish your business as. One common occurrence is a business converting from a C corporation to an S corporation. However, one should know that it could potentially be costly even with some tax advantages of doing so. Here’s a quick […]