The U.S. House of Representatives passed President Biden’s priority social legislation called the Build Back Better Act (“BBBA”) on 19 November 2021. The bill is now headed to the U.S. Senate where Majority Leader Schumer plans to vote on it by Christmas. As currently structured, the BBBA includes the following summarized tax changes. Please note […]
New $600 Form 1099-K Reporting
I have received several questions about the new reporting requirements for online sales by individuals. The following article I posted on 7 April 2021 might be helpful. If you sell items through Etsy or eBay, you may be surprised to find out that your transactions will be reported to the IRS beginning on 1 January […]
5 Topics Every Business Owner Should Discuss with An Accountant
Your accountant or CPA is a business asset that you should put to good use year-round, not just at tax time. There are several topics beyond taxes that business owners should discuss with their trusted financial professionals. In this article, we cover five of them for you. While the new year is traditionally when business […]
How to Deal with a Past Due Tax Return
“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]
Understanding Installment Sales
The majority of sales and purchases of property are usually settled by the buyer paying the seller an agreed on lump sum up front. However, there are circumstances when it makes sense to structure the sale of property so that payments will be received in installments over a number of years. What are those circumstances […]
Updated Rules for Inherited Retirement Accounts
I found a great summary on cNBC recently regarding changes in the 2019 Secure Act as they relate to inherited retirement accounts. In the past, it was possible to make distributions from inherited retirement accounts based on the estimated life expectancy of the recipient. However, many beneficiaries must now make those distributions over a 10-year […]