by Candy | Feb 19, 2024 | Taxes
The “convenience of the employer” rule for taxing income in a specific state is causing trouble for people who live in one state but work in another. Most states tax income based on where the work is done. For example, if you work in Colorado, you pay...
by Candy | Feb 16, 2024 | Taxes, Video Blogs
Are you an officer of a corporation? Are you aware you may be required to file a new form called Beneficial Ownership Information? Failing to do so could result in costly penalties. As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of...
by Candy | Feb 12, 2024 | Featured, IRS, Taxes
The IRS is paying extra attention to Employee Stock Ownership Plans (ESOPs) as part of its efforts to make sure high-income taxpayers pay their fair share of tax. ESOPs are retirement plans where employees own stock in their employer’s company. However, these...
by Candy | Jan 29, 2024 | Business, Taxes
Workers change jobs approximately every four years, according to the most recent U.S. Bureau of Labor Statistics data. Individuals often find themselves with multiple Sec. 401(k) accounts. Some of these accounts may be overlooked, leading to potential fees and...
by Candy | Jan 22, 2024 | Sales Tax, Taxes
Inflation-adjusted amounts within the Tax Code are projected to experience a 5.4% increase in 2024, according to a recent report by Bloomberg Tax. This represents a slight reduction compared to the 7.1% surge witnessed this year, nearly double the 3% increase seen in...
by Candy | Jan 8, 2024 | News Letter, Taxes
Having a hobby is generally a good thing, but some hobbies can become overwhelming and harmful. Protesting your taxes is an example of such a consuming hobby. In a recent case, Lawrence James Saccato had not filed tax returns for 14 years, claiming he was exempt from...