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Recent Tax Court Cases of Interest to Businesses

Court Determines that an Activity Was Engaged in for Profit Taxpayers who are in business to make a profit can generally deduct related expenses on their tax returns. If the IRS doubts a profit motive exists, it may deem an activity to… Read more »

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Due Diligence Considerations When Selling a Business

When it comes to selling your business, you must consider the buyer’s perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here’s… Read more »

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Unlock 8 Tax Breaks for Home Ownership

Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages. Here are eight reasons why it’s better to be an owner, rather than… Read more »

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 Federal Tax News for Individuals

Involved in Crypto? Here Are Some Tax Issues It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose… Read more »

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Tax Angles for Landlords Today

Economic fallout from the COVID-19 pandemic caused some rental real estate properties to run up tax losses in 2020 and 2021, as tenants struggled to pay rent. If you’re a landlord, you may have had to negotiate lease modifications that were… Read more »

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Take Advantage of Tax Breaks for Small Businesses

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022…. Read more »

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Federal Tax News for Individuals

Tax Season Filing Tips Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you’ve gathered all 2021 tax documents received, such as W-2s and 1099s. In addition,… Read more »

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Due Diligence Considerations When Buying a Business

Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both known and unknown — related to the business that’s being… Read more »

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Tax Implications of Student Loan Debt Relief

The total amount of outstanding student loan debt is estimated at approximately $1.75 trillion, including $1.59 trillion in federal student loans. It’s also estimated that 43.2 million student borrowers owe an average of roughly $39,000 each. The good news is that,… Read more »

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Federal Tax News for Businesses

Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to… Read more »

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