Cryptocurrency has revolutionized the financial world, offering new opportunities for investment, spending, and innovation. However, with great opportunity comes significant responsibility, particularly in the realm of tax compliance. As the popularity of digital currencies like Bitcoin, Ethereum, and others continues to grow, so does the scrutiny from tax authorities. Understanding what constitutes a taxable event and how to stay compliant is crucial for any cryptocurrency enthusiast.
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code for individuals and businesses. Now, many of those provisions are set to expire at the end of 2025.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations.
In recent years, the debate surrounding wealth inequality and tax reform has gained significant traction across the US. Among the states at the forefront of this conversation is Massachusetts, where the “Millionaires Tax” has sparked both support and opposition. In November of 2022, Massachusetts approved the Fair Share Amendment, a 4% tax on state residents with an annual income of greater than $1 million.
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to?
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.
