Taxes are one of the only certainties in life, and cryptocurrencies are no exception.Yes, your Bitcoin is taxable. The IRS treats ownership of cryptocurrencies as "property"...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/06/2021
Owning or managing property has many benefits that people overlook, such as the benefits of vacation rentals and tax deductions. While there are several expenses and rules to consider...
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...
Choosing a business structure requires a calculation that balances tax and legal benefits with costs and time to set up. It is one of the most critical decisions you will make when...
The tax day is around the corner, and it is not too early to start preparing your documents for Uncle Sam. This is a really busy time for accountants and tax professionals since they...
Posted by Pat Raskob on 01/30/2021
The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...
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...
Tax legislation continually changes, with new laws and regulations springing up every time. With the South Dakota v. Wayfair case, more complications were added to e-commerce...