FinCEN released new FAQs clarifying when corporations and LLCs are dissolved for FinCEN Business Ownership Information reporting purposes, which is different from tax purposes. FinCEN also added clarity to taxpayer ID numbers for single-member LLCs and other disregarded entities.

Here are the latest developments on the Employee Retention Credit (ERC). First, the IRS launched a new IRS payback scheme. Second, there is looming legislation that could change the ERC landscape. Third, learn what you need to know if you’re still waiting on your claim.

Independent contractors are not covered by the Fair Labor Standards Act, which establishes a national minimum wage and overtime standards for employees. In an effort to require more businesses to pay overtime to workers, the U.S. Department of Labor (DOL) has adopted a new six-factor test that makes it more difficult for you to classify workers as independent contractors instead of employees.

If your buy-sell agreement uses company-owned life insurance to buy back your shares after you die, your estate may now have to pay more tax. A recent U.S. Supreme Court decision just increased your company’s estate tax value because of that company-owned life insurance.

One of the biggest hurdles to deducting losses from the business use of an aircraft is the passive activity loss limitation. Even with careful planning, you might find yourself stuck with passive losses that can’t offset income from other sources. This article details the tax strategies you need to effectively deduct your aircraft losses and navigate the complex passive loss rules.

Tax law favors and allows deductions for civic and public service clubs and even names some favored clubs. But tax law does not allow dues deductions for airline, hotel, country, golf, athletic, and business-meal clubs.

Discover the devastating consequences of misplaced trust in business partnerships, through James Maggard’s story. Learn how a lack of oversight and professional guidance can lead to tax and financial unfairness, even for the most well-intentioned business owners.

Increase your Social Security retirement income by reducing your Social Security taxes and investing the savings. Explore how investing your tax savings in a side fund can lead to a higher overall benefit, while preserving essential benefits such as Medicare and spousal support.

You can plan your tax-deductible business life to avoid cold winters and hot summers. To do this, you need to know what a tax home is and where your tax home is located. The good news is that you have just one tax home, unless you are one of those rare individuals who have no physical home.