by Candy | Aug 11, 2023 | Taxes, Video Blogs
Transfer taxes, such as estate and gift taxes, are highly political due to two main reasons. First, they contribute a small portion of revenue to the U.S. budget compared to other taxes like income and Social Security taxes. Second, only a small number of citizens are...
by Candy | Jul 28, 2023 | Taxes, Video Blogs
Tax planning for real estate activities can involve various tax considerations. One important factor is determining if a loss from real estate is limited due to insufficient basis or by the at-risk or passive activity loss rules. When there is income generated, other...
by Candy | Jul 14, 2023 | Featured, News Letter, Taxes
Black CPAs were not surprised by a recent study revealing that the IRS is much more likely to audit Black taxpayers compared to non-Black taxpayers. These professionals have witnessed this disparity firsthand while working with their clients. Now that the study, led...
by Candy | Jun 27, 2023 | Featured, IRS, Shared, Taxes
If you are looking to hire new employees, consider taking advantage of the work opportunity tax credit. This incentive is meant to encourage you to hire individuals facing difficulties in finding employment. The credit has been extended until the end of 2025. There...
by Candy | Jun 23, 2023 | IRS, Taxes, Video Blogs
As an entrepreneur, you are required to report certain payments to the IRS made to vendors each year on Form 1099. To do so, you must ask them to submit a form W-9 Request for Taxpayer Identification Number and Certification. If you receive a notice from the IRS that...
by Candy | Apr 25, 2023 | Featured, News, News Letter, Taxes
The Inflation Reduction Act (IRA) was recently passed by the U.S. Congress to combat rising inflation. The act includes several provisions that affect tax items, including changes to the standard deduction, the alternative minimum tax (AMT), and the estate tax. Let’s...