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If you have recently or not so recently started a business, two things you need to understand is how you will be paid and how taxes will be paid. You may be taxed as a sole proprietorship, partnership, S corporation or C corporation. Understanding the differences is important. A sole proprietorship is an individual engaged […]
The Consolidated Appropriations Act that was signed into law December 27, 2020 includes a temporary provision allowing a 100 percent write-off for business meals from January 1, 2021 through December 31, 2022. The food and beverages must be provided by a restaurant, although they do not need to be consumed on a restaurant’s premises. The […]
It is never fun to receive a letter from IRS, especially one that says you are being assessed penalties due to filing late, paying your taxes late, or understating income on your tax return! In many cases taxpayers are fearful of additional consequences so they just pay what is owed, but it is important to […]
Our article, “The IRS and Cannabis: Audit, Dispute, Resolution” is featured in Marijuana Venture Magazine. Check out the link below for timely information on this important process. Remember- “Preparation time is never wasted time.” Anonymous https://www.marijuanaventure.com/the-irs-and-cannabis-audit-dispute-resolution/
Written by Andrew Gradman, Esq This article describes how individuals who call California home (i.e., who are “domiciled” here) can avoid CA income taxation, in favor of a lower-tax state such as Nevada. This article is not legal advice. Every person’s facts are slightly different; minor variations can lead to very different results; and it […]
In response to the Tax Cuts and Jobs Acts of 2017, there were a number of changes to the disclosure requirements for partnerships and LLCs filing as partnerships – specifically, on the K-1s of Form 1065 returns, some of which became effective for the 2019 tax year. For the current (2020) tax year, however, the […]
If your business was impacted by either a disaster or COVID-19, you may be eligible to receive the Employee Retention Credit (ERC). It is a refundable credit against payroll taxes that was originally introduced in the CARES Act, expanded by the Consolidated Appropriations Act (CAA) signed into law on December 27, 2020, and broadened even […]
Have you heard the phrases “marginal tax rate” (or tax bracket) and “effective tax rate” and wondered what the distinction is between them? In order to explain the difference, it is first important to note that in the United States, we do not pay a flat tax – we are on a graduated system and […]
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 2021 2020 Individual 1040 tax payments are now due May 17, 2021 What the Announcement Left Out! […]
Reproduced with permission. Published March 04, 2021. Copyright R 2021 The Bureau of National Affairs, Inc. 800-372- 1033. For further use, please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/ —————————————————————————– Andrew Gradman of the Law Office of Andrew L. Gradman, and Abraham Finberg and Rachel Wright of AB FinWright LLP argue that new final regulations—stating that tax code Section 471(c) cannot […]