As you begin to prepare your taxes this year, it is crucial to ensure you avoid common red flags if you are using a new tax preparer. Many types of tax preparer scams can be costly for you and even result in identity theft in some cases. This article will walk you through some of […]
Category: Tax & Accounting News
Shared Economy Tax’s take on the latest tax & accounting news, and much more.
Corporate Transparency Act FinCen Reporting Requirements for 2024
It is crucial for small businesses to be aware of the new reporting requirements of the Corporate Transparency Act (CTA). The CTA requires small businesses to report certain information about ownership to the Financial Crimes Enforcement Network (FinCEN). The application officially opened at the beginning of January this year. Businesses will have until January 1, […]
Secure Act 2.0 Brings Big Changes for IRAs in 2024
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted in 2019. It changed many rules around retirement savings. In 2022, a second version, the Secure Act 2.0, was enacted, further strengthening retirement options for taxpayers. What is the Secure Act 2.0? The primary purpose of this law was to address the issue […]
How Does New IRS Funding Affect the Sharing Economy?
Although people have been sharing since the beginning of time, the sharing economy is still in its infancy. With ever-changing regulations and tax laws, it can take a lot of work to keep up with it all. However, the IRS will be receiving over $50 billion in additional funding over the next ten years. So, […]
Inflation Reduction Act IRS Funding: Explained
The Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions were immediately enacted, while others will be phased out over the next few years. The question on everyone’s mind is, “what’s up with the Inflation Reduction Act IRS Funding?” The short answer […]
Watch Out for These IRS Scams
Tax season can be stressful enough without the added worry of falling victim to IRS scams. But unfortunately, scammers are constantly coming up with new ways to take advantage of taxpayers and steal their money. What You Need to Know About IRS Scams Scammers are continuously improving their tactics and becoming more sophisticated in their […]
Buy Now Refinance Later Mortgages: Are They Legit?
With home sales slowing down, lenders are looking for ways to increase the number of mortgages lenders issue. One of the latest marketing ploys is a “buy now, refinance later for free” mortgage. It promises that borrowers can take advantage of lower interest rates in the future. But are these mortgages good for real estate […]
6 Big Changes for the 2023 Tax Season
The tax code gets updated regularly, and this year is no exception. However, there are some particularly impactful changes coming this year thanks to recent legislation. Here are the 6 biggest changes to watch for on your 2023 taxes. What to Expect for 2023 Taxes The 2023 changes to tax laws include adjustments to tax […]
A Guide to the Bonus Depreciation Phase Out 2023
What is bonus depreciation? It’s the opportunity to take accelerated depreciation and write off your asset purchase quicker than is usually allowed. And what’s with the bonus depreciation phase out 2023? You usually can’t write off the entire purchase cost in the first year when you purchase assets. Sometimes you can use Section 179 to […]
Michael Tripp’s WSJ (Wall Street Journal) Feature
Summer is a time when many teens and students seek a part-time or full-time temporary job. The shared economy is full of opportunities, some of which even allow them to work from home. The shared economy, sometimes called the “gig” economy, is a lucrative opportunity. However, it’s important to know about a few changes […]