S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s […]
Read More Avoiding inadvertent S corp terminationSeveral observers, including the National Taxpayer Advocate, have warned that staffing cuts and new tax laws may hinder the IRS this filing season. But the U.S. Treasury Dept. remains optimistic. Addressing the USC Gould School of Law Tax Institute, Senior Advisor Don Snyder pointed out that the tax season started “on time and on schedule” […]
Read More What the IRS Is Saying About This Tax SeasonEmployer reimbursements for bicycle commuting costs, such as purchases, repairs and storage, remain taxable income to employees. That’s because the suspension of the $20-per-month tax-free benefit was made permanent by the One Big Beautiful Bill Act in 2025. Although this exclusion is gone, qualified transportation fringe benefits such as parking, mass transit passes and van […]
Read More Not All Commuter Benefits Are Created Equal3 Medicare pitfalls to avoid
Read More 3 Medicare pitfalls to avoidMissing a W-2 or 1099 this tax season? If your Form W-2 or Forms 1099 aren’t available by the Feb. 2, 2026, deadline for most of these forms, or if the information is incorrect, contact your employer or the payer. If you still don’t receive the missing or corrected form by the end of February, […]
Read More Still Waiting on a W-2 or 1099? Don’t PanicA reminder from the IRS: If you used a broker to sell or dispose of digital assets such as cryptocurrency or nonfungible tokens (NFTs) after Jan. 1, 2025, you might receive Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” this tax season. Brokers must report the gross proceeds from certain transactions to both taxpayers and […]
Read More Sold Crypto or NFTs? Don’t Miss This New IRS FormEligible workers can claim new federal income tax deductions on their 2025 returns for qualified tip income (up to $25,000) and qualified overtime premiums (up to $12,500, or $25,000 for joint filers). You don’t need to itemize to claim these breaks, but complex rules and restrictions apply. Both deductions begin phasing out when your modified […]
Read More Tip and Overtime Deductions may require extra effort for 2025 filingsThe House Ways and Means Committee has advanced a bipartisan bill that would require the IRS to modernize its digital processing technology for tax returns. Dubbed the Barcode Automation for Revenue Collection to Organize Disbursement and Enhance (BARCODE) Efficiency Act, the bill would require prepared tax returns to include a scannable code on paper forms. […]
Read More Bill advances requiring IRS to modernize processing for tax returnsEvery year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction. […]
Read More If you suffered a disaster, you may be eligible for a casualty loss tax deductionThe Internal Revenue Service Advisory Council (IRSAC) has published its annual public report, which provides recommendations to the IRS on current and emerging tax administration issues. The report covers 29 topics, including IRS operations, taxpayer service, compliance and administrative processes. Key areas addressed include funding for IRS operations, enhancements to IRS websites and online tax […]
Read More IRSAC publishes recommendations on current and emerging tax administration issues
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