Tax Services Archives - Page 9 of 11

A white sign holder with a red "Vacation Rentals" sign hanging from it and palm trees in the background.

Tax facts to know about vacation rentals

Buying property and selling after it’s appreciated is a wealth-building strategy that has been around for centuries. It’s even better if that property can make you money, say through rental income. If you’ve been considering allowing short-term vacation rental contracts…

A notepad with "Child Tax Credit" written in black ink and highlighted, sitting on top of a pile of American currency.

IRS releases website to manage child tax credit deposits

Earlier this year, the American Rescue Plan (ARP) was announced, including some temporary updates to the child tax credits available for many parents. Under the ARP, eligible parents of dependent children can take a tax deduction of up to $3,600…

A man dressed in a black suit, white button up shirt, and a black tie sitting in a fancy restaurant with a bowl of bisque and a partially emptied glass of champagne.

Understanding business meal and entertainment deduction rules

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related…

A computer's motherboard holding various forms of cryptocurrency.

Tax implications for cryptocurrency owners

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans…

A hand held out palm up with electronic images of people floating above it.

Employee v. contractor: Which is right (and legal) for your business

Businesses are constantly evolving how they operate in order to meet the fast-paced changes coming from customers and the marketplace. Further, individuals are increasingly taking advantage of the income they can earn from the gig economy. These factors have more businesses…

Someone searching on a laptop for residential properties.

Like-Kind exchange updates: Clarifying real property and escrow policies

If you are in possession of business or investment property or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax codes, changes are…

A portion of the CARES act shown with American Rescue Plan highlighted.

Key tax provisions in the American Rescue Plan Act

The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens for individual taxpayers and businesses. Updates include expansions and extensions…

A pile of $100 bills with "Tax Credits" typed on a ripped sheet of paper.

IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance…

A bunch of manilla folders vertically arranged within a wooden credenza.

Recordkeeping best practices are good for taxes

Have you ever tried to claim a new tax deduction, but in the process of compiling supporting documents, you found you were missing critical information and therefore missed out on the opportunity? Or, have you ever faced an IRS audit…

An aerial view of a round table with an array of breakfast foods.

Business meals and entertainment expenses: What’s deductible?

The Tax Cuts & Jobs Act (TCJA) of 2017 made many significant changes for business tax deductions including the disallowing of the business deductions for most entertainment expenses. The IRS has since released final regulations for the treatment of meals and entertainment…

Category: Tax Services (page 9)