Gig Workers & Tax Reporting

Gig Workers & Tax Reporting

The gig economy has come to include an even larger sector of the working population amidst the Coronavirus pandemic. With companies such as delivery services scrambling to meet the increased need for things like food and toilet paper due to quarantining households, an...
What is the Statute of Limitations on Your Taxes?

What is the Statute of Limitations on Your Taxes?

Determining the statute of limitations (SOL) on your taxes can be deceptively complicated. Luckily, in their recent article “How the IRS Determines Statute of Limitations on Collections,” CPA Practice Advisor outlined general guidelines for how SOL is defined and...
Taxation of Lawsuit Settlements

Taxation of Lawsuit Settlements

Tax protocol is complex and unclear surrounding lawsuit settlement funds. Payments received from legal proceedings are usually taxable, and funds used in the legal process (such as attorney fees) are often not deductible. This varies on a case-by-case basis and can...
IRS Does Not Give Blanket Forgiveness

IRS Does Not Give Blanket Forgiveness

https://youtu.be/wIFXnAezZrA Are you an entrepreneur who’s been struggling to keep up with your income tax payments? Are you thinking you’re still going to have a problem in 2021?  Many are used to the IRS offering blanket penalty abatement for things...

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