Newsletters

Taxes and Virtual Currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is Paying Close Attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to report your transactions in Bitcoin and the like to the IRS. Despite some early misconceptions, virtual currency transactions can be traced back to their owners by governments and other cyber sleuths. If you decide to…

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New 2018 Capital Expense Rules

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. There are also a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know: Tool #1: Section 179 deduction The new law increases the amount of business property purchases that you can expense each year under Section 179 to $1 million (from $500,000 previously). Normally, spending on business property (machines, computers, vehicles, software,…

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Tips for When Your Employees are Family Members

Working with family can be a pleasure. It can also be a pain, especially if you have to terminate a family member’s employment. Here are tips to help you ease the strain of mixing your family and employee relationships. Hire for the right reasons. Make your hiring and firing decisions based on the skill sets needed to keep your business operating effectively. Hiring your son because he’s struggling to find a job is not a good business reason for bringing staff on board. Set clear expectations. Communicate the job’s performance…

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Tax Filing Reminders

February 28th  Payers must file 1099 Forms with the IRS by February 28th or April 2nd if filing electronically. Only 1099-MISC forms with non-employee compensation (NEC) in box 7 are due to the IRS by January 31st. March 1st Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full March 2nd  Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals March 15th  2017 calendar-year S corporation income tax returns are due 2017…

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