Author: taxsecretsblog

As the bustle of December fades, January is a transitional month for many small business owners. This time of year generally calls for wrapping up any remaining loose ends from the previous year while diving headfirst into the new one. Readying your QuickBooks software for

In a surprising move, an Ohio state senator, Senator Niraj Antani (Miamisburg), recently introduced Senate Bill 190 aimed at slashing the state tax rate on sports betting operators in half, potentially reducing tax revenues by tens of millions annually. Currently, a significant portion of this

Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly impacting a business's fiscal health. We will delve into each of the

In a significant development to assist individuals, businesses, and tax-exempt organizations grappling with back taxes, the Internal Revenue Service (IRS) has introduced new penalty relief for approximately 4.7 million entities that did not receive automated collection reminder notices during the pandemic. The IRS is allocating

Article Highlights: Special Transfer Option Does the Vehicle Qualify for Credit MSRP and Purchase Price Taxpayer Qualifications Modified AGI Applying for the Credit Transfer Change of Mind About the Credit Beginning in 2024, a special election allows a taxpayer purchasing a new clean vehicle or

Article Highlights: Power of Attorney Tax Information Authorization Third Party Designee Oral Disclosure In the complex world of financial and legal matters, there are times when you may need to authorize a third party to represent you when dealing with the IRS. A third-party representation

In an era where financial scams are becoming increasingly sophisticated, protecting your IRS payments demands more awareness than it once did. Check washing fraud, a technique where thieves steal checks from the mail, erase crucial information, and manipulate the payee and amount, has seen a

Article Highlights: Foreign Entities Conducting Business in the U.S. U.S. Address Applying for an EIN By Telephone EIN Online By Fax or Mail Updating EIN Information It is mandatory for foreign entities that are conducting business in the United States to have an Employer Identification

Article Highlights: What is Taxable Income Section 61(a) of the Internal Revenue Code No 1099 Cash Sales Reselling Sports and Concert Tickets Crowdfunding On-line Garage Sales The answer to the question “what income is taxable?” can have some surprising outcomes, and this article explores some

The seismic shift toward remote work has become a game-changer, with profound implications for personal finances. According to Stanford University economist Nicholas Bloom, remote work is not only altering the way we work but also reshaping our financial dynamics. Let's delve into the compelling incentives