Turning Your Hobby Into a Business You’ve loved dogs all your life so you decide to start a dog breeding and training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the main […]
In The News – August 15, 2022 Inflation Reduction Act heads to President Biden’s desk for signature The U.S. Senate and House of Representatives passed the Inflation Reduction Act, sending the legislation to President Biden for his signature. Tax provisions in the bill include several new credits aimed at electric vehicles and clean energy. On […]
Sharing Economy Now in IRS Spotlight 40% are unaware of their tax responsibilities 40% of the workers in the Sharing Economy are unaware of their tax responsibilities. Over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement of Nina E. Olson, National Taxpayer Advocate given […]
IRS provides further details on additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 WASHINGTON – The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for […]
Transaction Privilege Tax Changes and News – From Arizona Department of Revenue Website 2022 TPT LICENSE RENEWALS A transaction privilege tax license is used for collection and remittance of state, county and city taxes. Businesses licensed with ADOR were required to renew their TPT license by January 1, 2022. If you have not already done […]
