When considering forming an S Corporation for a startup, there are several factors to keep in mind: To be eligible for S Corporation status, the startup must meet certain requirements, such as having no more than 100 shareholders, only one class of stock, and only...

One of the more impactful elements of the Tax Cuts and Jobs Act is the new Section 199A deduction on qualified business income (QBI). One of the open issues for taxpayers has been to determine whether a rental activity is a qualified trade or business. The IRS has...

Many of federal changes associated with the Tax Cuts and Jobs Act (TCJA) will flow-through to state tax returns. However, although federal adjusted gross income is used as a starting point, a state can decide not follow (or “decouple” from) the federal law. New York...

December 14th, 2023 By law, all U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts and foreign bank and securities accounts. There are two reporting areas to be considered: Report of Foreign Bank and Financial...

People with home-based businesses can choose a simplified method for claiming the deduction for business use of a home. Tax Time Guide: Many Home-Based Businesses Can Use Simplified Method for Claiming Home Office Deduction; Taxpayers May Deduct up to $1,500 a Year...

If the IRS needs to get in touch with a taxpayer, it will send a letter, not an e-mail, phone call or message over social media. The IRS is reminding taxpayers to be aware of criminals using devious tactics to steal money and personal information from unsuspecting...