Know the $75 Rule for Business Expenses

The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does NOT apply to all tax deductions.  Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss...

$80 Billion to the IRS: What It Means for You

You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently...

Avoid These Mistakes When Converting to an S Corporation

At first glance, the corporate tax rules for forming an S corporation appear simple. They are not. Avoid these mistakes when you convert to an S-corp.  Basic Requirements Here is what your business must look like when it operates as an S corporation: 1. The S...

Alert: A Massive New FinCEN Filing Requirement Is Coming

Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing...

The IRS Wants to Know about Your Crypto

Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the...