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Tax implications for cryptocurrency owners

Posted on June 3rd, 2021
Tax implications for cryptocurrency owners

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans own at least one share of virtual currency. Therefore, it’s essential to understand the tax implications associated with receiving, buying, and selling these currencies, mainly because the IRS is starting… Read More »


Revenue, cash flow, and how they affect your business

Posted on May 17th, 2021
Revenue, cash flow, and how they affect your business

As a business owner, increasing sales can be a great mood lifter. But what happens if you get a large order and have no way to pay for the supplies? Sales don’t always equal immediate cash in hand, which can put a strain on your business accounts and your ability to deliver on time. Below,… Read More »


Like-Kind exchange updates: Clarifying real property and escrow policies

Posted on May 17th, 2021
Like-Kind exchange updates: Clarifying real property and escrow policies

If you are in possession of business or investment property, or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax code, changes are consistently made to clarify previous unclear areas or adjust the language based on new policy.… Read More »


Top IRS audit triggers and best practices to protect your business from an IRS audit

Posted on May 16th, 2021
Top IRS audit triggers and best practices to protect your business from an IRS audit

Tax audit can strike fear and loathing into the hearts of business owners. But, in reality, the Internal Revenue Service (IRS) won’t arbitrarily make your company the subject of an audit investigation. In fact, according to IRS.gov, only 0.6% of individual returns and 0.97% of all corporation returns were audited from 2010 to 2018. However,… Read More »


IRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave

Posted on April 23rd, 2021
IRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave

The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small businesses through the pandemic. This new guidance provides information on how eligible businesses can claim the credit for providing paid time off to employees receiving or recovering from the vaccine. Below, we’ve outlined which employers… Read More »


The pros and cons of hiring contractors vs. employees

Posted on April 23rd, 2021
The pros and cons of hiring contractors vs. employees

When you’re ready to expand your business and grow your team, you generally have two options for increasing your workforce: Hiring employees or engaging independent contractors. Both options have their pros and cons but determining which is right for your business comes down to your individual needs and preferences. Keep in mind, the Department of Labor (DOL) draws strict distinctions between these two groups, and… Read More »


The demand for green industrial buildings continues to grow

Posted on April 23rd, 2021
The demand for green industrial buildings continues to grow

The rise of sustainable industrial facilities continues to grow, according to recent survey results from the World Green Building Trends 2018 SmartMarket Report. The US Green Building Council (USGBC) recently partnered with Dodge Data and Analytics to talk to 2,000 building professionals including architects, contractors, consultants, developers, engineering firms, and investors about green building activity. Almost half of the total respondents said they… Read More »


Key tax provisions in the American Rescue Plan Act

Posted on March 17th, 2021
Key tax provisions in the American Rescue Plan Act

The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens for individual taxpayers and businesses. Updates include expansions and extensions of various tax credits such as the employee retention credit (ERC), COBRA continuation coverage, Affordable… Read More »


American Rescue Plan Act signed into law

Posted on March 17th, 2021
American Rescue Plan Act signed into law

The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impacted by the COVID-19 pandemic. The third Act in a year, the ARPA approves additional economic impact payments for… Read More »


IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

Posted on March 8th, 2021
IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance on claiming the credit in combination with forgiveness of their loan. The provisions… Read More »


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