The Tax Basics When Reporting Digital Assets
As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’ scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS
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2026 Amounts For Health Savings Accounts Announced By The IRS
The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year. HSA Basics
Tax Impact Of Working In The Gig Economy
In addition to providing a flexible and autonomous way to earn income, the gig economy also comes with tax obligations that can catch many workers off guard. Whether you’re driving
Know The Rules When Hiring Independent Contractors
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If your business does this, it’s crucial to make sure these workers
Taxable Vs. Nontaxable: What Are The IRS’ Rules For Legal Awards & Settlements?
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay
Is It Possible To Turn Business Losses Into Tax Relief?
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income
2024 Post-Filing Tax Questions & Answers
Even after your 2024 federal return is submitted, a few lingering questions often remain. Here are the answers to five of the most common questions we hear each spring. 1.
How Does The IRS Determine “Reasonable Compensation” For Corporate Business Owners?
For owners of C or S corporations, determining “reasonable compensation” is a critical issue. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain
What Every Investor Should Know About The “Wash Sale” Rule
Lately, stock, mutual fund, and (exchange-traded fund) ETF prices have bounced around. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the
Has Your Businesses Considered Setting Up An Education Assistance Plan?
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127