If you’ve sold or traded Bitcoin, Ethereum, or any other cryptocurrency this year, then you probably have a tax obligation. While crypto is largely anonymous, it is increasingly common for crypto trading sites and exchanges to issue users with IRS forms with a...
There are a number of misconceptions surrounding the Employee Retention Credit (ERC). These misguided thoughts are made worse by a number of issues, including: Updates to legislation A number of updated guidance from the IRS Confusing and conflicting information And a...
Generally Accepted Accounting Principles (GAAP) are standards, principles, and procedures for accounting issued and maintained by the Financial Accounting Standards Board (FASB). GAAP methods standardize accounting recording and reporting across companies,...
What To Do If You Get Audited Tax season is a fraught time for taxpayers, who are understandably eager to get their refunds as quickly as possible. But some individuals and businesses may also find themselves facing audits, and knowing what steps to take in that event...
Written by Alex Bray As one of the most taxpayer beneficial credits available at the federal and state levels, the Research and Development (R&D) Credit encourages domestic innovation by rewarding taxpayers for their investment in “qualified business...
Schedule Discovery Call Few words strike fear into the heart of small business owners like “audit.” Although the chances of an IRS audit of your small business’s taxes remain relatively low, that might be changing. In 2020, following a relatively quiet decade for...
