Businesses: Prepare for the lower 1099-K filing threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the...
Blog
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have...
IRA charitable donations: An alternative to taxable required distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an...
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1....
Businesses may receive notices about information returns that don’t match IRS records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are...
The tax mechanics involved in the sale of trade or business property
There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or...
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right...
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if...
Tax considerations when adding a new partner at your business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will...
Tax issues to assess when converting from a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are...