What is the 1099-PATR form?The forms in the IRS 1099 Series helps taxpayers report money received from various lesser-known sources. Form 1099-PATR is the IRS form sent to taxpayers...
As the costs, inconvenience, and safety concerns of commercial flights continue to rise, many people and businesses find using a private jet a better and more efficient form of transportation...
The lawn care business is a challenging and interesting one. Operating this business is undoubtedly fun, but it comes with its share of issues, challenges, and uncertainty. However,...
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
In general, any form of military payment obtained while deployed to a combat zone is excluded from federal income tax. This translates into significant tax savings for the active combat...
An employee's work is usually repaid in wages, salaries, commissions, tips, additional benefits, fringe benefits, and bonuses. All of these taxes are subject to various state and...
An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...
The Tax Cuts and Jobs Act (TCJA) of 2017 reduced the federal income tax rate for C Corps to 21%, effective January 1, 2018. With this tax rate reduction, business owners can assess...