Not your average tax and accounting firm.
We’ve been singing, “For He’s a Jolly Good Fellow” ever since Scott Nissen, EA returned from Arizona with his newest credentials. Our very own Scott Nissen, Enrolled Agent (EA), from Bellingham, WA was among 116 tax professionals who recently earned the elite National Tax Practice Institute™ (NTPI®) Fellow designation from the National Association of Enrolled …
Congratulations, Scott Nissen, EA, and newly credentialed NTPI Fellow®!Read More
Debating if your business needs to file form 1099-NEC or 1099-MISC? Let’s discuss the requirements of each. Reasons to File Form 1099-NEC If you use independent contractors to perform services for your business – the answer is yes for form 1099-NEC. For each contractor that you pay $600 or more for the year, you are …
Does Your Business Need to File Form 1099-NEC Or 1099-MISC?Read More
The question “What is tax basis?” comes up in a tax accountant’s office weekly. For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000. If you then sell those …
Mental decline, including Dementia and Alzheimer’s disease are among the health issues that people understandably fear the most. Cognitive decline is devastating for the patient as well as for their loved ones. This is one of the few diseases where the family will often bear witness to the deterioration. And more challenging, they are often …
What To Do When A Loved One Is Facing Mental DeclineRead More
Will the budget increase affect the audit rate next year? It’s the big question of the new year. In September of 2021, the Congressional Budget Office announced a proposal to increase funding for the IRS. The amount includes $80 billion over the next ten years. The argument is that doing so would ultimately increase the revenue the …
The IRS May Be Getting a Massive Budget Increase. Will it Impact the Audit Rate?Read More
The IRS has been asking for a reporting requirement for cryptocurrency since inception. Over the last 3 years, the IRS has engaged in a virtual currency compliance campaign. This campaign specifically addresses tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns and even criminal …
Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure BillRead More
Tax benefits for holiday gifts? There can be….! Every year – usually right after Thanksgiving – we start receiving questions about possible tax benefits resulting from gifts. Here are a few examples of gifts that can give back – in tax benefits! Tax Benefits For Holiday Gifts – The Gifts that Give Back! Electric Car …
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
Congress Terminates the Employee Retention Credit EarlyRead More
If you’re looking for year-end tax saving strategies, we have a few to share. It just seems hard to believe that the holiday season is almost upon us. Mainly because right after turkey and trees, comes the 2021 tax preparation season! With the end of the tax year just around the corner, tax-savvy individuals need …
