Often, assets can be contributed to a corporate entity by owners in exchange for an interest in ownership, without the recognition of gains or losses. Both Internal Revenue CodSection 351 and Section 721 of the Internal Revenue Code provide for this general rule....
It’s crucial to ensure you pay all taxes to the Internal Revenue Service when they are due, which is crucial. If you owe back taxes and don’t arrange to pay, the IRS may levy your bank account and seize your property. In the event you’ve been contacted by the IRS...
Remote work is a flexible working arrangement where an employee performs their job tasks in an alternative worksite, rather than at a company facility. Remote workers often work from their homes, co-working spaces, or an alternative location outside of the area where...
The Internal Revenue Service (IRS) is taking measures to increase tax enforcement for high earners this tax season by implementing the use of artificial intelligence (AI). That’s correct – SkyNet is going to audit your tax returns. These efforts are meant to help the...
While everyone knows that federal income tax returns are due on April 15 yearly, the Internal Revenue Service (IRS) imposes several other deadlines throughout the year. For example, there are quarterly payment deadlines, extension deadlines, retirement-related...
While full-time employment is the standard, the gig economy has gained momentum over the last several years. If you are considering whether going into business for yourself is the right decision for you, you must understand the tax implications and responsibilities...
