By month: March 2024

Q&A: S Corporation Reimburses Personal Vehicle

If your S corporation reimburses you for your personal vehicle, you need to report the gain or loss on the sale of that vehicle. This article gives you two clear examples of how this works and what forms to use.

No Mercy for You When Your CPA Does Not File Your Tax Return

What happens if your certified public accountant (CPA) or other tax preparer fails to electronically file your return? You’re out of luck. The IRS and courts say you, the taxpayer, are responsible for filing your return. If your CPA fails to do so, the tax code treats you as the culprit and levies penalties against you.

Self-employed? Amend Tax Returns for up to $32,220 in Tax Credits

If you are self-employed or operate your business as a small corporation, it’s possible that you have not yet claimed your COVID-19 family and sick leave tax credits. If that’s true, take a moment or two and answer the 12 easy questions in this article to see whether you could qualify for some or all of the possible tax credits.

Your Co-owned Business Probably Needs a Buy-Sell Agreement

Do you co-own your business with one person or multiple people? If so, you should have a properly funded buy-sell agreement in place, as explained in this article.

How Long Does the IRS Have to Audit Your Returns?

The IRS can’t take forever to audit you. Once the statute of limitations expires, the IRS can’t audit your return or assess any additional tax. Most returns must be audited within three years after they were due or filed, whichever is later. But the IRS has much longer to audit returns where taxpayers severely underpay their taxes, commit fraud, or file no return at all. Moreover, there is a longer statute of limitations for certain Employee Retention Credit audits.

Q&A: Deducting a Loss from an Airbnb Bedroom Rental

When you rent a bedroom in your home and that rental unit creates a tax loss, can you deduct the loss?

Know Your 2024 Tax Deadlines with This Useful PDF Tax Calendar

Don’t let tax deadlines catch you off guard! Stay organized and save more with our 2024 Federal Tax Calendar for small businesses and self-employed taxpayers. Download your calendar now!

Young Adults Should Take Advantage of IRAs

Generally, young adults who contribute to traditional or Roth IRAs enhance their retirement years with more retirement income. It doesn’t take much to make this work to your advantage.

New Crypto Tax Reporting Rules Are Coming Soon

Proposed IRS regulations scheduled to go into effect for the 2025 tax year will require people and companies that help customers transfer digital assets such as Bitcoin to file a new Form 1099-DA with the IRS. This form reports information similar to that reported for stock sales, such as sales proceeds, as well as (starting in 2026) tax basis and gains and losses. The new reporting rules will apply to digital asset trading platforms, payment processors, many wallet providers, and other “digital asset brokers.”


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