As a new start-up entrepreneur, deductions can be accommodated. However, deductions are not rigid, they tend to undergo metamorphosis, and a deduction does not even remain forever....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/24/2022
We will present several examples comparing scenarios of non-S Corps, such as sole proprietorships, single-member (one-person) limited liability companies (disregarded entity), and...
Posted by BEST FINANCIAL GROUP LTD on 11/04/2021
The White House and Treasury released the first details of the Biden administration's 2021 tax reform proposal, a major focus in Washington, DC. Tax code changes are expected in...
Posted by Tiffany Gaskin on 07/16/2021
Congress passed major tax reform in the Tax Cuts, and Jobs Act passed on December 22, 2017. This legislation, which affects individuals and businesses, is known as the TCJA or Reform...
Posted by BEST FINANCIAL GROUP LTD on 11/17/2020
On January 5, 2021, the Treasury and IRS released a second set of final business interest expense deduction regulations (the 2021 Final Regulations) that provide additional rules to...
Posted by Flynn Financial Group Inc on 02/07/2021
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
Posted by Schneiderman and Friedman on 12/28/2020
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...
Posted by Flynn Financial Group Inc on 11/30/2020
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Posted by Elliot Kravitz, ATP on 11/24/2020
Traders or merchants who qualify for the trader's tax status (TTS) as a sole proprietorship, S-Corp or partnership (including hedge funds), wonder if they should use the tax treatment...
Posted by John Pournaras Agency on 04/09/2019
