Business Taxes

  • Cannabis Taxation Is Unlike Any Other Industry

    The federal government prohibits cannabis, but many states allow it. How?   Few industries present as many tax compliance challenges as cannabis. If a client comes to you and says they are in the cannabis industry, what do you do as a tax professional?  More than half the states have legalized cannabis for medical use, recreational…

  • The Tax Pro’s Go-To Checklist for Preparing Schedule K-1s 

    This step-by-step checklist helps tax professionals gather the right information, review allocations, and confidently prepare Schedule K-1s for partnerships and S corporations. What will you learn? This practical, process-driven guide walks you through every stage of the K-1 preparation cycle, from reviewing and confirming data to finalizing returns. Get Instant Access to the Checklist Ready…

  • Qualified Business Income Deduction (QBI): A Guide for Tax Professionals

      The Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, allows many pass-through business owners to deduct up to 20% of their qualified business income on their tax return. This guide explains what QBI is, how to calculate the deduction, which businesses qualify (and don’t), and special considerations like real estate…

  • Taxes for Gig Work: What Tax Pros Need to Know

    The gig economy continues to grow, and tax professionals are seeing more clients with income from rideshare driving, delivery apps, freelance work, online marketplaces, and digital platforms. While gig work can create flexibility for taxpayers, it can also create confusion during tax season. Many taxpayers do not understand their filing requirements, estimated tax obligations, or…

  • Key Updates to Form 1099-K

    After a few years of delays, the reporting threshold for third party settlement organizations (TPSOs) reported on a Form 1099-K has officially dropped in 2025. This significant change, which is not the only one affecting Forms 1099-K this year, could affect various kinds of tax situations in ways your clients might not expect. What is…

  • Help Clients File Digital Asset Taxes with Confidence

    Cryptocurrencies, NFTs, and More: Digital Asset Tips for Tax Preparers From cryptocurrencies like Bitcoin to NFTs and other blockchain-based tokens, digital assets present unique challenges—and opportunities—in tax compliance. Staying informed about digital assets and how they are treated for tax purposes is vital for tax professionals to serve their clients effectively. What Are Digital Assets?…

  • IRS Clarifies Digital Assets Not the Same as Cash—Yet

    In a significant move last week, the Treasury Department and IRS announced that digital assets received by businesses do not follow the same reporting requirements as cash assets in 2024, at least until the issuance of specific regulations. This announcement comes after the Infrastructure Investment and Jobs Act, which brought about revisions to the rules…

  • IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024

    In a recent announcement, the Internal Revenue Service (IRS) has decided to delay the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. The decision to treat 2023 as a transition year comes in response to feedback from taxpayers, tax professionals, and payment processors. The IRS is also planning a phased-in…

  • Understanding the New IRS E-Filing Requirements for Forms W-2

    As we prepare for the 2024 tax season, the IRS is also updating regulations for tax forms and filing requirements. One such regulation establishes a new threshold for electronic filing of certain returns. This change has implications for employers and taxpayers alike, as it affects the way tax-related information is submitted to the IRS. In…

  • IRS Offers Helpful Info for Starting a Business

    It’s National Small Business Week, and this year’s theme is “Building a Better America Through Entrepreneurship.” Fittingly, the Internal Revenue Service is observing the occasion by providing free, tax-related resources to entrepreneurs entering the big world of small business.  Whether you currently serve business clients or want to start attracting entrepreneurs to your practice, this…