Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let’s take a look at several key points that taxpayers should know about reporting cash transactions.How the IRS defines cashCash […]
Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.The 100% additional first-year depreciation deduction was created in 2017 by […]
Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what you should know:BackgroundPrior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They […]
Businesses are starting to cautiously re-open in the U.S. (at least partially), but we’re still a long way from “normal.” Because of COVID-19, some companies have done very well. Most, though, have had to make changes to comply with health guidelines and keep their customers and employees as safe as possible. And many consumers and […]
If your business has been locked down because of the pandemic, or you are scrambling to hold things together with fewer employees or diminishing sales, you may be depending on QuickBooks more than ever. Whether you’re keeping an eye on dwindling inventory, closely monitoring your daily cash flow, or trying to collect on invoices that […]
Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of the […]
If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal […]
June 10Employees who work for tips – If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.June 15Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, […]
In just a few short months, COVID-19 has transformed the entire U.S. small business landscape. Companies are struggling to stay afloat and everyone is eager to get back to “normal.” Unfortunately, it’s unclear when that will happen and during these uncertain times, you may need as much help as you can get.One of the ways […]
When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and […]