In the past, individuals and businesses would only receive a 1099-K form under certain circumstances. This includes when there were over 200 transactions or gross payments totaling more than $20,000 received through payment apps or credit card processors.
The SECURE Act 2.0, was signed into law on December 29, 2022. The legislation calls for several changes, including an increase in the RMD age, distributions for federally declared disasters, early distributions for terminal illnesses, and changes to catch-up contribution rules.
Taxpayers claiming the federal Research and Development (R&D) credit on amended returns will get an extended break from new documentation requirements.
Despite the positive outlook for sustainable real estate investments, the market is uncertain. Real estate is traditionally a hedge against inflation and provides steady income even during a recession.
The Inflation Reduction Act was signed into law on August 16, 2022, and provides several new tax-saving opportunities that businesses and organizations need to consider.
Creating and operating a business usually starts with a great idea, capital investment by one or multiple owners, and hard work. While the main focus of an owner should be on day-to-day operations, there are always items that should be in the back of their mind for events down the road.