Five IRS Tips for Filing Your Taxes
February 08, 2022
The January 31st deadline for receiving your tax documents has just passed, and you are ready to file your taxes; however, the news is full of stories about the IRS and the delays in processing returns this year. The IRS has cited the Coronavirus pandemic and the backlog of 2020 tax returns for the delays. This year, it is more important than ever to ensure you use extra caution when filing your tax returns to avoid processing delays.
Remote Work Can Cause Tax Issues for Employers
January 31, 2022
COVID continues to upend the traditional working environment where your employees work relatively close to the office or in the same state. With the pandemic rolling into its third year, many offices remain closed and allow workers to telecommute. While this may be good news for the employees, it can be potentially bad news for employers.
FAQ: Recordkeeping for Businesses
January 17, 2022
Running a business has many challenges, and one of the challenges business owners face is keeping good records. This applies to all businesses, whether they have a couple dozen employees or just a few.
2022 Industry Planning: Rental Real Estate as Qualified Business Income
January 11, 2022
Rental real estate has been attracting savvy investors for years. Qualified Business Income Deduction (QBID) is not new news either! The allure of purchasing rental properties to grow your portfolio and have additional tax write-offs works if you partner with a CPA firm that understands your overall goals and can identify if it is a good investment for you.
2021 Tax Season- Form 1099- NEC
January 03, 2022
Last year the IRS released Form 1099-NEC for businesses to report non-employee compensation of $600 or more, and the same rules will apply for the 2021 tax season.
Tax Tips: Per Diem Rates and 100% Deduction for Food or Beverages
December 20, 2021
The IRS has issued guidance that clarifies how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules for using per diem rates.