Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Tips and Articles on Tax Advisory
Certain Income Not Excludable Under the law, certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify to use the foreign-earned … [Read more...] about Combat-Zone Workers
Tax-saving strategies Sole proprietors may be able to reduce their tax burden by hiring their children, spouse, or parents to work as bona fide employees. There are three ways to save tax dollars for the business owner. First, sole proprietors … [Read more...] about Hiring Family Members
A new credit is available for energy-efficient home improvements that began after Jan. 1, 2023. The credit is equal to 30% of qualified expenses, including: The maximum credit that can be claimed each year is: There’s no … [Read more...] about Energy-Efficient Home Improvement
In February, a significant decision by the U.S. Supreme Court had a profound impact on the penalties imposed by the IRS for the non-willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) by the April 15 deadline. The court … [Read more...] about FBAR Penalties Curtailed
The IRS intends to classify nonfungible tokens (NFTs) as collectibles rather than capital assets for tax purposes, but only when the rights associated with an NFT meet the criteria of collectibles. This differentiation holds significance for … [Read more...] about Tax Treatment of NFTs
The Corporate Transparency Act (CTA), passed in 2021, mandates that a vast number of entities disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. A beneficial owner is an … [Read more...] about Beneficial Ownership Reporting
