Art, Craft, or Business? A Breakdown of Hobby Loss Rules Reading, exercise, fishing, art, gardening… we all have hobbies, and we usually aren’t thinking about tax law as we do them. However, the IRS takes a more technical approach. The rules […]
Art, Craft, or Business? A Breakdown of Hobby Loss Rules Reading, exercise, fishing, art, gardening… we all have hobbies, and we usually aren’t thinking about tax law as we do them. However, the IRS takes a more technical approach. The rules […]
What is a Self-Rental? Many taxpayers who own an operating business also own accompanying real estate inside a separate entity. The operating business then leases the real estate from the entity that owns it. This is known as a “self-rental” […]
The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax rules for individual taxpayers. Many of these provisions are scheduled to expire at the end of 2025. but there’s a chance that some (or all) of […]
The Tax Cuts and Jobs Act (TCJA) included many important federal income tax provisions that affect small business taxpayers and their owners. Some of these provisions are scheduled to expire in the near future, unless they’re extended or made permanent […]
United States citizens and resident aliens are required to report their worldwide income on their U.S. federal tax returns every year. The foreign tax credit is a tax benefit for U.S. taxpayers that helps offset income taxes paid to foreign […]
Have you ever felt like Tax Day snuck up on you? If so, you aren’t alone. In 2022 over 19 million people filed an “extension” for their individual tax return, allowing them to delay the due date of their tax […]
As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can “pay back the money they received after filing ERC claims in error,” […]
Welcome back! Thanks for joining me for Part 2 of our look at the Investment Tax Credit (ITC) for solar property. In Part 1, I gave an overview on the history and purpose of the solar ITC. I also discussed […]
Investment Tax Credits (ITC) have been around since 1962. ITCs were created by Congress to help stimulate the economy and to protect domestic businesses from foreign competition. The types of renewable energy property available for the ITC are, but not […]
Are you ready for the new Beneficial Ownership Information (BOI) reporting requirements implemented by the Corporate Transparency Act (CTA) that will go into effect on January 1, 2024? If you answered no, you are not alone. It is estimated that […]
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