IRS Tax Debt Could Affect Passport Renewal As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These…
IRS to Use Bulk of $80 Billion in New Funding to Scrutinize Taxpayers That Make Over $400,000 Armed with an extra $80 billion in funding for the next decade, the Internal Revenue Service is using the bulk of it to…
New York and California Combined for Over $90 Billion in Lost Income to Low-Tax States During Covid New York and California combined lost over $90 billion in income during Covid, according to new IRS data. It accelerated the trend of…
Characteristics of Companies That Should Not Consider Going Public Going public is a big decision for any company. It can bring in a lot of capital and give the company a lot of visibility, but it also comes with a…
The Different Types of LLCs There are many different types of LLCs, but they can generally be categorized by their ownership structure, management structure, and tax treatment. In this article we will describe the different types of LLCs, starting with…
Misconceptions About the Earned Income Retention Credit (ERC) Business owners are receiving constant emails from a variety of sources claiming that they can facilitate Earned Income Retention Credits for their companies. Many of these offers come with fairly hefty fees…
IRS Extends Tax Deadlines to May 15 for New York Winter Storm Victims The IRS has extended the deadlines for the filing of various federal individual and business tax returns, and for the submission of tax payments, to May 15, 2023,…
Considerations For Business Owners Looking to Rent Commercial Space That They Own to Their Businesses As a business owner who rents office space from real estate that you own, it’s important to consider the type of entity that you should…
The Unique Tax Rules to be Followed by Startup Entities Taxation for startups and their related startup costs is different from expenses incurred by companies that are up and running and generating revenue. Certain tax limitations and rules apply for…
Participants in 529 Plans With Unused Funds Can Do Tax-Free Rollovers to a Roth IRA Maybe you had a child change their mind and not go to college or you saved more than necessary, and now you’re wondering what to…