The $20,000 reporting threshold for payment card companies to issue Form 1099-K was scheduled to drop to $600 for 2023. A late change in November returned the original threshold, and the 2024 reporting threshold is…

Tax season often triggers a cascade of questions. Here are five of the most common and their answers. 1. Are the miles earned on my credit card taxable? Taxation of extras  earned with a credit…

Upcoming Tax Deadlines March 15, 2024 • Deadline to file partnership and S-corporation tax returns. April 15, 2024 • Deadline to file individual, trust, gift and calendar-year C-corporation returns. • Deadline for making 2023 IRA…

What is Income Tax Nexus? Nexus is a word which means connection.  In the realm of income tax, nexus refers to the concept that a business will owe income tax to a state if it…

The IRS has released its federal tax brackets for calendar year 2024. There are still seven tax brackets. The lowest rate is 10% and the highest is 37%. These new tax brackets are in effect…

What is market-based sourcing? This is the concept of attributing revenue to the location where the customer receives the benefit. Let’s talk about this from the perspective of a service provider, like an attorney.  In…

Understand the rules now to avoid a tax surprise later There is large tax break that allows you to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence….

Review these common causes of filing delays. Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund. Missing W-2 or 1099. Using last year’s…