What Type of Tax Preparer Are You Using? Tax professionals generally interact with the IRS in two ways. There are those who prepare tax returns, and those who represent the taxpayer before the IRS. … [Read more...] about What Type of Tax Preparer Are You Using?
Intent Is Not The Same As Being Engaged – What Constitutes a Trade or Business?
Intent Is Not The Same As Being Engaged What Constitutes a Trade or Business? A group of friends decided to start a business of flipping homes. Generally, the business model is to find a property … [Read more...] about Intent Is Not The Same As Being Engaged – What Constitutes a Trade or Business?
2017 Tax Cuts and Jobs Act Allows Certain Businesses a 20% Tax Deduction
Pass-Through Businesses May Receive 20 Percent Tax Deduction 2017 Tax Cuts and Jobs Act Allows Certain Businesses a 20% Tax Deduction The 2017 Tax Cuts and Jobs Act (TCJA) had several tax law … [Read more...] about 2017 Tax Cuts and Jobs Act Allows Certain Businesses a 20% Tax Deduction
2018 Home Office Deduction
2018 Home Office Deduction You Need to Understand 2018 Tax Law Changes The legal entity of the taxpayer is a determining factor when looking at the home office deduction. Employees: The 2017 … [Read more...] about 2018 Home Office Deduction
IRS INTRODUCES NEW TRANSCRIPT
IRS INTRODUCES NEW TRANSCRIPT Another Positive Step to Combat ID Theft Effective September 23, the IRS will begin to use a new transcript format that will redact personally identifiable … [Read more...] about IRS INTRODUCES NEW TRANSCRIPT
IRA Custodian Errors – Form 1099-R with Code G
IRA Custodian Errors Form 1099-R with Code G When a Code G is inserted in box 7 of Form 1099-R, the IRA custodian is representing to the IRS that the taxpayer did a non-taxable IRA rollover. The … [Read more...] about IRA Custodian Errors – Form 1099-R with Code G
