What Small Business Owners Need to Know About 1099s
If you work with independent contractors, knowing when, why, and how to issue a 1099 is an integral part of your business. Forgetting or mishandling this crucial step will eventually lead to fines from the IRS. To ensure that your business is compliant, here are the key points to remember when it comes to issuing […]
What to Do If You’re Audited by the IRS
The IRS has sent you a letter- and it’s not great. You’re being audited. For many Americans, the idea of an audit is terrifying. Will you have to pay heavy fines? Could you end up in jail? Your mind may be racing, but it’s important to try to remain calm. The vast majority of audits […]
How to Manage Your WSOP 2023 Winnings
The 2023 World Series Of Poker (WSOP) attracted a record number of players. The Main Event amassed a whopping $93.3 million prize pool, the largest prize pool in live tournament history. From May 30 to July 18, poker players from around the world battled wits and tested their luck at the Horseshoe and Paris, the […]
Casino Winnings
Every year, lucky gamblers strike gold in Las Vegas. Whether you hit a slots jackpot or win a fortune playing table games, winning big can be electrifying. However, as every casino winner soon discovers, handling significant winnings involves more than just cashing in your chips. You need to understand the tax implications of your windfall. […]
Are Online Lotteries Gaining Steam?
In recent years, states have taken their lotteries online to boost ticket sales and increase profits. Georgia launched their online lottery program back in 2012, but last week, they rolled out a new addition to their program. The state partnered with Gtech, an Italian gaming company, and expanded the game library offered online. Along with […]
IRS Employment Woes Deepen
It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]
Repairs Regulation Update
Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]
You Can’t Do That!
It’s always fun when “You Can’t Do That” rolls around because it means that it is Friday and that I get to take a look at what people think they can get away with. This week starts off with a CPA, James Lee, from New York. Mr. Lee was tasked with handling the business returns […]
Premium Tax Credit Overpayment Relief
Earlier, I gave a brief overview of the Premium Tax Credit and how it could affect your 2014 return. In the overview, I mentioned that there are two ways to receive the credit: 1) as a “lump sum” at the end of the year when you file your return or 2) as equal monthly installment […]
TurboTax Provides Reminder: Always Be Alert for Fraud
This has been going around in the news the last few days, but I wanted to write a quick follow-up in case this affects you or someone you know. Last week, TurboTax temporarily halted its state e-file services as a result of an increased level of “suspicious” filings. After investigation, TurboTax deemed that its software […]
