Business Owners

IRS Grants Certain Deductions for Estates and Non-Grantor Trusts, Including Excess Deductions on Termination by Jeffrey M. Mutnik, CPA/PFS

Posted on October 13, 2020

The Internal Revenue Service (IRS) recently issued final regulations that allow decedents’ estates and non-grantor trusts to claim certain deductions that would otherwise have been disallowed under the 2017 overhaul of the tax code. The Tax Cuts and Jobs Act (TCJA) barred individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable […]

Due Diligence Required for Cannabis Businesses and their Investors by Richard Fechter, JD, CAMS, CFE

Posted on October 10, 2020 by Richard Fechter

Although the U.S. government postponed its plan last week to vote on a bill that could legalize marijuana use at the federal level, the rapidly growing cannabis business remains alive and well at the state level. There are currently 33 states that have legalized marijuana for medical use, 11 of which have also legalized use […]

What You Need to Know about Income Taxes for Hobbies and Side Gigs by Jack Winter, CPA

Posted on September 29, 2020 by Jack Winter

Job losses and small-business closures are forcing Americans to reconsider the ways in which they earn income and provide for their families during and after the COVID-19 pandemic. Some are finding survival by entering the growing gig economy or turning their hobbies into businesses that can generate income in the current economic climate. However, it […]

What the Self-Employed Should Know About Taxes on Unemployment Benefits by Kevin McNally, JD

Posted on September 22, 2020 by Kevin McNally

Among the millions of American workers filing for unemployment compensation in the wake of the COVID-19 pandemic are self-employed individuals, independent contractors and part-time workers who otherwise would not qualify for these benefits. While the extension of unemployment assistance to these workers is good news, it is critical for out-of-work individuals to recognize that the […]

Taxing Challenges for the New Work-from-Home Labor Force by Karen A. Lake, CPA, CFST

Posted on September 08, 2020 by Karen Lake

The COVID-19 pandemic has forced a record number of taxpayers to work from home, creating a sea of new income tax challenges they had not previously been required to consider. Despite all the conveniences of work-from-home (WFH) policies, employees need to prepare themselves for how this new normal will impact their state and federal tax […]

It’s Not Too Late to Plan for Storm Season, Other Natural Disasters by Adam Cohen, CPA

Posted on August 24, 2020 by Adam Cohen

Hurricane season is heating up, and we are reminded of the importance of preparing for the impact of a threatening storm or other natural disaster and planning for short and long-term recovery. One thing that we can rely on every year is that hurricane season will begin on June 1 and run through November 30. […]

Lessons in Bankruptcy for Struggling Business Owners by Joel Glick, CPA/CFF, CFE, CGMA

Posted on August 20, 2020 by Joel Glick

The economic realities of the COVID-19 health crisis are setting in, forcing businesses of all sizes and in all industries to think about how and if they can continue to meet their existing financial obligations and remain afloat without taking on more debt. While some business owners consider bankruptcy to be a death knell for […]

COVID-19 Plagues the IRS’s 2020 List of Dirty Dozen Tax Scams by Joseph L. Saka, CPA/PFS

Posted on August 06, 2020 by Joseph Saka

There is no doubt that the COVID-19 health crisis has permeated almost every aspect of life in 2020. According to the IRS, the pandemic has even spread to the agency’s annual list of the 12 most common tax scams criminals use to steal taxpayers’ money and personal information. Following are the “Dirty Dozen” schemes to […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA

Posted on July 30, 2020 by Joanie Stein

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]

Businesses Must Know Where Workers Are to Minimize Out of State Tax Headaches by Karen A. Lake, CPA, CFST

Posted on July 01, 2020 by Karen Lake

Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]

Category: Business Owners