What is a private foundation? Private foundations are charitable organizations usually established by a family member, an individual, or a company solely to fund charitable causes. Private foundations are tax-exempt non-profit organizations clearly defined by the IRS under section 501(c)(3).…
Bookkeeping services are necessary for businesses that aim to properly manage their financial records in areas of accounts flow, payroll management, internal audits, and tax needs. While many established businesses employ the services of a professional bookkeeper, a small business…
Many American taxpayers approach tax seasons with grim resignation. The task of tax filing has to be done, and you have to get it right. Knowing this, you begin to track down receipts, necessary forms, and documents to beat the…
Section 1202 exclusion has been saving individuals and small businesses since as far back as August 1993. However, findings have shown that little is known about this tax incentive. You sure don't want to miss out. So, let's delve right…
It is easy for anyone to assume that they are no longer obligated to pay taxes or file tax returns once they leave the United States. It might well be the case for citizens of other countries, but not citizens…
Ways to Reduce or Eliminate the Tax on Crypto Gains Currently, in the market, there are massive crypto gains and there are people who are actively selling their crypto businesses. With so many changes in the crypto market, one…
Shauna A. Wekherlien, CPA had the privilege of contributing this article for Today's Practitioner! Be sure to head over to their site and show them some love! Tax Advice for Physicians In the United States of America, physicians are paid…
How the New American Rescue Plan 2021 Can Help You The economic devastation due to the COVID crisis is continuing to hit several families throughout the country. The American Rescue Plan was recently signed into law by President Biden in…
Brilliant Way to Get Rid of Your Student Loan Debt Using Tax Strategy As a part of the $1.9 trillion COVID rescue plan, new tax strategy bills are currently being discussed to facilitate the recovery of the United States of…
New Advancements in PPP Loan Rules for Contractors, Sole Proprietors, & Freelancers by SBA PPP or the Paycheck Protection Program was initially implemented to offer financial assistance to individuals and businesses. This was done to ensure that the small businesses…
Recap Article for New COVID-19 Relief Bill Signed 12/27/2021 On December 27, 2020, the President signed into effect a mammoth piece of tax legislation. This is the new COVID-19 Economic Relief Bill. This is a massive funding package.…
"It ain't over 'til it's over". Fighting the IRS can take a long time; long enough to make 16 or 18 scoreless innings fly by in comparison! If you get audited and wind up behind the count with a deficiency notice,…
Who do you need to give a 1099 to? how do you provide the subcontractor a 1099 Recommendation to all of the business owners, which will make 1099s much easier, is to ensure that before you pay anyone, do not…
Any change of President almost certainly guarantees some type of tax law changes. The election of Donald Trump as the 45th President of the United States is certainly no exception. During the campaign, President-elect Trump outlined numerous tax proposals for individuals…
We are edging closer to April 15th and, as the deadline approaches, you may be wondering if it’s smart to file an extension or not. Everyone’s situation varies, but it’s important to remember that it’s not necessarily a bad thing…
