Tax Alerts


Six Things Taxpayers Should Know About the Sharing Economy and Their Taxes

Thursday, May 30, 2019

  From renting spare rooms and vacation homes to car rides or using a bike…name a service and it is probably available through the sharing economy. Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on the IRS website at www.irs.gov. It helps taxpayers understand how […]

What People Should Know About Reporting Cash Payments

Thursday, May 30, 2019

  Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments. Who is covered? For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust, or estate. For example: Dealers of jewelry, furniture, boats, aircraft, […]

Mixing Business and Family: Family members must be treated just as unrelated employees

Thursday, May 30, 2019

  This article is reproduced with permission from Spidell Publishing, Inc. Hiring family members can be a great strategy for small business owners, but it is important to know how these employees are taxed. Also, making sure they are actually performing duties and keeping good records is important in case the employer-employee relationship is ever […]

Small Business Tax Benefits on Deducting Vehicle Costs

Thursday, May 30, 2019

  Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses Here are the 2019 standard mileage rates for calculating the deductible […]

Tax Implications of Selling a Home

Thursday, May 30, 2019

  The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home: Ownership and use To claim the exclusion, […]