In the middle of October, the IRS updated its procedure for issuing guidance using frequently asked questions (FAQs) on any newly passed tax laws. The IRS released a document providing a general overview clarifying taxpayers’ ability to rely on guidance…
In April 2021, President Biden’s American Families Plan contained a proposal under which banks would report deposits and withdrawals for all business and personal accounts to the IRS except for accounts below a threshold of $600 or a fair market…
How you can deduct business startup costs from your income taxes When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business.…
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