There are many things business owners need to do when they close their business. Below is a checklist of tax-related items that need to be done. File a final tax return and related forms. The type of return to file and related forms depends on the type of business. The various types of business entities and…
Bi-partisan legislation recently proposed in the Senate signals the government’s intent to address longstanding confusion surrounding the tax treatment of digital assets such as cryptocurrencies. Senators Cynthia Lummis, a Wyoming Republican, and Kirsten Gillibrand, a New York Democrat, introduced the Responsible Financial Innovation Act (S. 4356) on June 7th. This legislation would establish a regulatory…
FORE! Mike Sandner, Jeff Senney & Adam Beiersdorfer along with our client Joel Bopp enjoyed time with friends and colleagues at the Centerville Golf Outing at Yankee Trace Golf Club.
In its Exempt Organization newsletter published March 25, 2022, the IRS announced it will temporarily stop issuing delinquent return notices to tax-exempt and governmental entities. This move comes after the IRS came under pressure to suspend more delinquent returns and collection notices while working through its backlog of unprocessed returns. This does not mean exempt…
If taxpayers are missing wages and withholding information to file their individual federal income tax returns, certain steps should be taken. Businesses are required to send their employees a Form W-2 “Wage and Tax Statement” by January 31 each year. Businesses are also required to send their non-employee workers a Form 1099-NEC “Non-employee Compensation” by…
In a recent information release, IR 2022-45 (3/1/2022), the IRS has reminded taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-sourced income, or holding certain foreign assets. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be…
Many individuals and small businesses have adopted peer-to-peer payment apps like Venmo, Paypal, and Cash App (“P2P platforms”) to make convenient mobile money transfers. These P2P platforms provide an easy and convenient way to split a restaurant bill with friends, make gifts to family members, pay a babysitter, or make or collect a payment for…
Top 10 Tax Cases of 2021 IRS Criminal Investigation Group (IRS-CI) is the criminal investigative arm of the IRS. IRS-CI is responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money laundering, public corruption, healthcare fraud, identity theft, and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction…
“S” corporations are only permitted to have certain types of shareholders (generally individuals, estates, and grantor trust), may have no more than 100 shareholders, and may not have more than one class of stock. An “S” corporation also may not have passive income in excess of the passive income limitation in IRC section 1362(d)(3). If…
Limited liability companies are a very flexible form of business organization. Depending on the number of owners, and whether or not an election has been made, an LLC can be treated as a disregarded entity, a sole proprietorship, a partnership, a corporation, or an “S” corporation. This flexibility can be very useful. This flexibility can…
