On September 5, 2019, the Treasury Department and the IRS released proposed regulations that would affect when taxpayers report their gross income amounts. In general, section 451...
There are some rules from section 451 (c) as amended by the TCJA, which makes available ways to have advance payment in income for the tax year that it was obtained.The amendment of...
Posted by Elliot Kravitz, ATP on 11/07/2020
How much you paid for your cryptocurrency (cost basis) greatly impacts the taxes you pay when you finally sell them. Understanding how the specific ID, first-in, first-out (FIFO),...
One of the things every first time business owners need to know is filing tax. As long as they pay employees, quarterly filing of taxes is essential. This is where Form 941 comes in....
While the separate filing of tax is a good idea and comes with its advantages, filing jointly brings about significant tax breaks in addition to being a simple method. We compiled...
Article Highlights:General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Records to dump Record to Keep...
Posted by Ace Plus Tax Resolution on 08/04/2020
Aside from taking care of your business, you will probably take on a lot of additional tasks as a small business owner. Tasks for the infancy of your business such as bookkeeping is...
Posted by Flynn Financial Group Inc on 07/16/2020
2020 has been a unique year with lots of activities and interesting policies. With the distraction from the COVID-19 pandemic, it is easy to forget essential tax rules necessary. Also,...
As the saying goes, to be forewarned is to be forearmed. After preparing the Form 1099 MISC forms, stop and check if the info entered is correct. Before submitting these forms to individuals...
Posted by Carmen Garcia on 06/11/2020