Blogs

The American Rescue Plan Act (ARPA) that was enacted in March 2021 brought about substantial changes to Form 1099-K reporting standards. Originally meant to begin for the 2022 tax year, the IRS has extended the new requirement until the 2023 tax year citing confusion and lack of guidance available ...

Many taxpayers, especially those in highly taxed states, have considered moving out of state and seeking lower or zero income tax rates. When done properly, this can present substantial tax savings. The process for establishing residency in a new state can be straightforward for most taxpayers. ...

Reforms to the tax treatment of carried (profits) interest has been a topic for many years. The Administration aims to ensure equal treatment of labor and capital income since the character of the income for carried (profits) interests has been under scrutiny.

The Internal Revenue Service (IRS) recently unveiled proposed regulations aimed at establishing clear procedures and rules for eligible taxpayers to transfer or sell clean energy tax credits under the Inflation Reduction Act of 2022.

Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state’s pass-through entity tax (PTET). Beginning in 2024, the PTET will be optional rather than mandatory. Eligible entities that wish to elect to pay the tax must provide the Connecticut ...

The main question we hear from small business owners is how they can find more ways to reduce their taxable income. A solo 401(k) offers itself as an attractive option when compared to other retirement accounts available. What makes these plans so appealing is their ability to encourage saving for ...

The latest regulations, known as Section 174 rules, now require taxpayers to capitalize and gradually deduct research and experimental (R&E) costs incurred in taxable years starting on or after January 1, 2022. The deduction is calculated based on a straight-line recovery period of either five ...

The line between having a hobby and running a business can often be confusing, but knowing the difference is critical because hobbies and businesses are treated differently when it’s time to file your taxes. The biggest difference between the two is that hobbies are for pleasure or recreation while ...

The classification of workers in the United States as either 1099 (independent contractors) or W-2 (employees) has significant implications for both parties involved. Understanding these differences is vital for contractors and employers to ensure tax and labor law compliance. This article will ...