No Parking: Unused Compensation Reductions Can’t Go To Health FSA
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to [...]
The Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that [...]
Thinking About Converting Your Home Into A Rental Property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, [...]
Once You File Your Tax Return, Consider These 3 Issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. [...]
Tax Issues to Assess When Converting from a C Corporation to an S Corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues [...]
AI for Small to Midsize Businesses Isn’t Going Away
Artificial intelligence (AI) has made great inroads into certain sectors of the U.S. economy. However, it hasn’t reached many small to midsize businesses (SMBs) in a major way … yet. In 2021, AI analysis firm [...]
Selling Mutual Fund Shares: What Are The Tax Implications?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in [...]
Fully Deduct Business Meals This Year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of [...]
Thompson, LaMalfa Introduce Bipartisan Bill to Ensure Fire Victims Don’t Pay Taxes on PG&E Court-Ordered Trust Payments
Washington – Today, Reps. Mike Thompson (CA-05) and Doug LaMalfa (CA-01) introduced bipartisan legislation to ensure that no fire survivors are taxed on the payments they received from the PG&E Fire Victims Trust. Following fires in [...]
It’s Almost That Time of Year Again! If You’re Not Ready, File for an Extension
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file [...]