Oct 12, 2021
College athletes are starting to benefit from being able to sell their name, image, and likeness (NIL). But these athletes may be in for a rude awakening come tax time because even freebies and other non-monetary payments can be considered income. It’s a lesson...
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Sep 14, 2021
How do you know you’re working with a legitimate tax preparer? The answer isn’t as cut-and-dry as it should be. It’s essential to determine, though, because working with an unscrupulous or incompetent tax preparer could cost you more than tax dollars. You could be hit...
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Aug 24, 2021
As the COVID-19 pandemic swept the world, tax and financial relief efforts were sped along to help business owners stay afloat. As 2021 settled in, some of those efforts trickled away. So, where do you stand as a business owner? What COVID-19 tax deductions should be...
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Aug 17, 2021
You can keep e-signing many of your IRS forms through the end of 2021, the IRS has announced. Plus, more forms have been added to that list. In April 2021, the IRS announced it will allow digital signatures on certain forms that can’t be filed electronically....
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Jul 27, 2021
An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The answer to that question can alter a business owner’s tax obligation by...
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Jul 20, 2021
There’s talk about the potential for a retroactive tax hike for capital gains. Is it possible? Yes. But is it likely? That question is much more difficult to answer. Legally, the U.S. President and Congress hold the power to raise taxes retroactively, meaning that the...
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