A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...
The constructive receipt is a tax concept based on which it is assumed that a taxpayer has received income, even though the income has not yet been physically received, which must...
Your basis in a business asset is essentially the cost of that asset. The term applies to all types of assets held by your business, including real estate, land, equipment, and investments...
One of the things that occupies most of a businessman’s time when it is time to file taxes is how much legitimate tax deductions they can make. Next to saving you some extra...
Accurate reporting of income to the Internal Revenue Service (IRS) is an essential responsibility for every taxpayer. Failure to report income can result in significant penalties and...
Posted by KLSM CPA Firm PLLC on 07/02/2023
In recent years, the Base Erosion and Anti-abuse Tax (BEAT) has become an important consideration for many companies operating in the United States. BEAT was introduced in the 2017...
Posted by KLSM CPA Firm PLLC on 04/30/2023
Small business sales tax is a tax levied on the sale of goods and services by businesses. It is an important source of revenue for many state and local governments and is usually collected...
Every time you file your taxes, a trail of paperwork is involved. Once you've settled with the IRS, you might be tempted to throw away all those documents. But the IRS recommends...
Posted by KLSM CPA Firm PLLC on 12/08/2022
The gig economy applies to people ranging from freelance consultants to Uber drivers or full-time employees who do a side hustle. The tax returns are different whether you're paid...
Posted by KLSM CPA Firm PLLC on 10/30/2022