Blog posts from: 2023
Do you have a hobby or a business? The IRS will want to know…
From gardening to crafting and all things in between, people pursue a wide array of hobbies which are unlikely to generate income. However, for those hobbies that do earn money, individuals need to understand their obligation to report it on...
Appraisal requirement may cause some to rethink charitable donation of cryptocurrency
In January 2023, the IRS announced that taxpayers will not be eligible for a charitable contribution deduction if they donate digital assets valued over $5,000 without obtaining a qualified appraisal. Despite digital assets potentially having a value listed on exchanges...
Department of Defense offers free tax filing resources for military members
Active military service can pose challenges during tax filing, especially for deployed or intensely training service members. The MilTax program, administered by the Department of Defense, aims to alleviate these challenges by providing free tax return preparation and e-filing software...
Tax benefits (and pitfalls) of hiring your minor children as a small business owner
School breaks present an opportune time to involve minor children in your small business. As long as they perform legitimate work for your enterprise, hiring your child allows you to pay them up to $12,000 annually tax-free, while also claiming...
Corporate Transparency Act reporting requirements coming in 2024
A new law intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity will affect millions of American businesses when it goes into effect on January 1, 2024. Broadly speaking, new regulations created...
Tax issues when operating a business as a married couple
Operating one's own business offers the advantage of employing family members, but it's important to understand the specific employment tax requirements that apply to family employees, which can differ from those for other employees. Here are key considerations outlined by...
SR Guest Author Justin Rush, CFP®: What to ask when choosing a financial planner
When searching for a financial planner, it’s not uncommon to meet with multiple firms prior to making a final decision. Different financial planners may have different opinions, philosophies, and personalities compared to one another. Without being immersed in this field, it...
Law changes to IRS Code Section 174 create uncertainty around R&D deductions
The Tax Cuts and Jobs Act of 2017 introduced several amendments to the Internal Revenue Code, including a revision to Section 174. This section, originally established in 1954 to permit businesses to deduct expenses related to research and experimental activities,...
Inheritance or gifts from foreign persons may require Form 3520 reporting
While gifts or inheritances do not trigger U.S. income tax reporting, they can impose other filing obligations on the recipient. Regarding gifts and inheritances received from foreign individuals or entities by U.S. citizens or residents, Form 3520 (Annual Return to...
Compliance risk for people and businesses claiming Employee Retention Tax Credit improperly
The Internal Revenue Service (IRS) has issued a renewed cautionary advisory, urging individuals to thoroughly review the guidelines for the Employee Retention Credit (ERC) before attempting to claim it, as unauthorized promoters persist in encouraging ineligible individuals to file. Reports...
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