COVID Leave Update: Voluntary Extension and Expansion of FFCRA Leave
Payroll Corner

COVID Leave Update: Voluntary Extension and Expansion of FFCRA Leave

As with any new presidential administration there is always a period of out with the old and in with the new. Many of you may have noticed the flurry of news reports regarding changes or new hires made by the new administration. If you are anything like... Christina N. Rogers

Your Questions Answered
Your Questions Answered

Your Questions Answered

QUESTION #1: During tax year 2019, one of our firm’s business clients had a very successful year. The business is a general partnership and it provides consulting services. Pass-through income, and thus taxable income, was high enough that the qualified business incom... Alison Flores, JD

The Gig Economy
Feature Article

The Gig Economy

The gig economy is a growing income sector in the world and a growing niche for tax professionals to harvest. Before jumping into this market, it is necessary to know some things about this area of practice. Let’s start with the definition of a gig, per Merriam-Webster: “a job usually for ... Kathryn M. Morgan, EA

Books to Tax in a Snap
Feature Article

Books to Tax in a Snap

When clients hands over a QuickBooks (QB) file at income tax time, the expectation is you have what you need and tax preparation will be a breeze. Depending on the client, you are either elated or you want to cringe; there is not much in between. It is important for tax preparers to feel ... Geri Bowman, EA, CPA, USTCP

Employees and the Self-employed: A Comparison under the Tax Cuts and Jobs Act
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Employees and the Self-employed: A Comparison under the Tax Cuts and Jobs Act

The 2017 Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, is favorable to businesses of all types – corporations, partnerships, and sole proprietorships. The TCJA reduced C corporation taxes to a flat rate of 21 percent, down from a gradua... Gil Charney, CPA/PFS, CFP, CGMA, CMA, MBA

Feature Article

Tax Implications of Home Flipping: Dealer Or Investor

With today’s hot real estate market and rapidly escalating property values, many clients are engaging in real estate investing and house flipping. Indeed, there are many reality TV shows and real estate networks dedicated to glamorizing the quick profits that can be made in these activities. What these programs fail to mention are the tax consequences of these transactions. As tax professionals, that’s where we come in... Keith A. Espinoza, EA

Feature Article

Gambling As a Profession Tax Implication

The thrill of a slot machine jackpot is exhilarating. Waiting for a casino attendant to come and do the legendary “hand pay” (paying the taxpayer at the machine) gets taxpayers’ hearts racing. Most taxpayers get so caught up in the moment that the tax consequence of their winning is a distant thought. It is so distant, in fact, that many taxpayers forget they even received that W2-G and leave it off their tax return. However, when the... Tracy L. Bunner, EA

Feature Article

Ride Share

Rideshares are a new phenomenon that replaces taxi services. These services use technology as the main apparatus for their business strategy. Customers can now request a ride through a smartphone application that will subsequently ping a driver nearby. Uber Technologies, Inc. started this idea in 2009, which led to numerous other startups. Rideshare services are more efficient than typical taxi cabs and are less expensive for the customer. Fu... Christine Kuglin, EA, Angela Busila, CPA, Brandon Anderson