Here’s the skinny on fringe benefits and taxes
Do you offer a variety of fringe benefits to your employees? According to the IRS, these may include cars and flights on aircraft that the employer provides, free or discounted commercial flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events. Simply put, according to […]
What to know about taxes and the gig economy
The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can be a little confusing in this model. The agency says that “taxpayers must report their gig economy earnings on a tax return – whether they […]
Start the New Year with gifts
What is the simplest estate planning tool around? Gifting! The New Year is a good time to make substantial annual gifts while you can control the funds with flexibility. Start your year’s tax planning now and reap the benefits and fun of being with your heirs and others as they enjoy your generosity. In 2023, […]
IRS delays implementation of $600 1099-K reporting requirement
The IRS has announced that third-party settlement organizations, such as PayPal, Venmo, and eBay, will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or to the payee for the lower $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting of transactions in excess […]
After the storm: Reconstructing individual records
In the wake of severe storms or other natural disasters, the cleanup can be a monumental task. One of the most important tasks to be undertaken is reconstructing financial records that were lost for insurance reimbursement or to get federal disaster assistance. The following are steps you can take after a disaster to reconstruct these […]
Your estate plan: Don’t forget about income tax planning
With the estate tax exemption at $12.06 million 2022, many estates won’t be subject to estate tax. As a result, more planning can be devoted to saving income taxes for your heirs.
Summer is a good time to plan for next year’s taxes
The slower summer months are an ideal time to review your tax position and prepare for next year’s tax return.
Don’t panic – but don’t ignore notices from the IRS
This is the time of year when the IRS begins mailing notices to taxpayers about their recently filed returns.
Is money raised from crowdfunding taxable?
Social media is not just a tool for sharing information and ideas with friends and loved ones across the world, it has also opened up a whole new way of garnering attention – and donations – for charitable organizations, people in need and new business ventures. As a result of the popularity of crowdfunding sources, […]
Fully deduct business meals again this year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). So, you can […]
