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One Week Left to File 3rd Quarter Payroll Tax Reports

By: Tax Advisors | Oct 24, 2018

One Week Left to File 3rd Quarter Payroll Tax ReportsOctober 31, 2018  - File Form 941 - Employer’s Quarterly Payroll Taxes Return. Taxes for the third quarter, ending September 30, submit by October 31.  October 31, 2018  - Second quarter federal unemployment (FUTA) taxes for larger employers are due ​at the end of July. More ...

Can The IRS Revoke My Passport?

By: Tax Advisors | Oct 23, 2018

Can The IRS Revoke My Passport?If you have seriously delinquent tax debt, IRC § 7345 authorizes the IRS to certify that debt to the State Department for action. The State Department generally will not issue a passport to you after receiving certification from the IRS.   Upon receiving certification, the State Department shall deny your passport application and/or may revoke your current passport. More ...

IRS unveils proposed rules for tax law’s big capital gains break

By: Laura Davison | Oct 19, 2018

IRS unveils proposed rules for tax law’s big capital gains breakThe Internal Revenue Service unveiled proposed regulations Friday for what Treasury Secretary Steven Mnuchin says could be a $100 billion investment opportunity for real estate and businesses in distressed areas. The rules provide investors with guidelines about how they can qualify for special tax breaks in so-called Opportunity Zones — underdeveloped areas where the U.S. More ...

Why aren’t renters interested in homeownership?

By: Tax Advisors | Oct 18, 2018

Why aren’t renters interested in homeownership?The majority of Americans now consider renting more affordable than buying a home — a belief that could foreshadow a decline in home sales. 78% of those surveyed by Freddie Mac say renting is more affordable than home ownership, up 11% from just six months ago. And a further 58% of renters say they don’t currently have plans to buy a home. More ...

You can still deduct a client’s meal on a night out, IRS says

By: Tax Advisors | Oct 1, 2018

Deduction for Business MealsWhile the Tax Cuts and Jobs Act removed the deduction for entertainment that many businesses enjoyed in years past, the IRS announced Notice 2018-76, which outlines when business owners can deduct half of the price tag for business meals. More ...

What Clients Need to Know about Bitcoin

By: Barry J. Friedman, CPA | Sep 28, 2018

What Clients Need to Know about BitcoinBitcoin, the digital currency, has been in the news a lot recently. What’s it all about and how does it work? Is it something you or your clients should invest in? Bitcoin is a decentralized digital currency — a cryptocurrency. It’s essentially a form of money that exists only as computer code and is not overseen by any central bank. In December, two major U.S. More ...

How to Manage Your Finances When You’re Self-Employed

By: By Rieva Lesonsky, CEO Of GrowBiz Media & SmallBizDaily.com | Sep 3, 2018

How to Manage Your Finances When You’re Self-EmployedThere are a lot of great things about being self-employed. You get to set your own hours, you’re in charge of your own future, and you can even wear sweatpants to work if you feel like it. But there are a few aspects of self-employment that aren’t so wonderful. For one, lying awake at night worrying about when your next invoice will get paid.   1.   2.   3. More ...

Is Your Social Security Taxable?

By: Tax Advisors | Aug 24, 2018

Is Your Social Security Taxable?Social Security benefits are taxed depending on your total income from all sources. Here is how to calculate how much of your Social Security benefits is taxable. Provisional Income Provisional income is your total worldwide income, including tax-exempt income, plus half of your Social Security benefits. More ...

Cancellation of Debt (COD) – Insolvency

By: Tax Advisors | Jun 21, 2017

Cancellation of Debt (COD) – InsolvencyFor purposes of this calculation, your assets include the value of everything you own liabilities include the entire amount of recourse debts (debts that you are personally responsible for but not guaranteed with specific collateral, like your credit cards), the amount of nonrecourse debt (secured debt, like a mortgage). More ...

What is considered a “Reasonable Compensation?”

By: Tax Advisors | Jun 1, 2017

What is considered a “Reasonable Compensation?”Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income. The Internal Revenue Code establishes that any officer of a corporation, including S corporations, is an employee of the corporation for federal employment tax purposes. More ...