The IRS’s interest in cryptocurrency has increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their...... Read More
Under tax law, to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight...... Read More
A crucial performance indicator is working capital, which refers to the money your business has committed to accounts receivable, accounts payable, and inventory. Managers look for ways to free up...... Read More
You may wonder what medical expenses you can include if you itemize deductions on your tax return. The IRS recently issued frequently asked questions addressing when certain costs are qualified...... Read More
Recent studies have rekindled fears about the Social Security program's approaching insolvency in the absence of congressional action. Because the alternatives for preventing insolvency will undoubtedly result in suffering for...... Read More
The Internal Revenue Service (IRS) issued final regulations on e-file for businesses, requiring certain filers to e-file beginning in 2024 for the 2023 tax year. The complete regulations are found...... Read More
Many businesses and nonprofits use QuickBooks® as a cost-effective solution to manage their accounting processes. However, the software’s capabilities extend beyond organizing and streamlining your company’s accounting. QuickBooks can also...... Read More
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits...... Read More
President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends —...... Read More
Generally Accepted Accounting Principles (GAAP) is generally considered the gold standard in financial reporting in the United States. But private and public entities may sometimes use non-GAAP metrics in their...... Read More
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