News Updates

How to Treat Virtual Currency in Your Corporate Taxes

By Hansa Patel Virtual currency is becoming more common in the corporate world. For federal tax purposes, virtual currency is treated as property. General tax principles that apply to property transactions also apply to virtual currency transactions. What is Virtual Currency? Virtual currency is entirely digital and decentralized. This means it is not managed by […]
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Roth IRAs versus Traditional IRAs: The Basics

By Kapil Handa Individual Retirement Arrangements (IRA) provide one great way to save for retirement. Roth IRAs and Traditional IRAs are the two types of IRAs that individuals can choose from. These two plans have a few differences, with a major one being when savings are taxed. With the help of a tax professional, individuals […]
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Reporting Foreign Assets: Compliance with FBAR and FATCA

By Kapil Handa FBAR and FATCA are two IRS filing regulations that require some individuals and entities to report their foreign assets or accounts above a minimum value. As more people become aware of these regulations, FBAR and FATCA compliance is improving. Reporting requirements vary between FBAR and FATCA. Generally, minimum dollar thresholds for reporting […]
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Wayfair Decision: How it Impacts Sales or Use Tax for Remote Sellers

By Sanika Gore, Chartered Accountant (Indian CPA) The Supreme Court ruled recently in “South Dakota vs Wayfair Inc” that physical presence in a state is no longer required for collecting sales or use tax. This means that states may now require out of state sellers to collect these taxes from customers even if they do […]
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Traditional IRA versus Roth IRA: Which is a Better Option?

By Asha Inamdar, CPA Tax-free! Of course, that’s what everyone likes to aim for. As we all know, IRAs provide an easy way to accumulate tax-free money and save for retirement. With recent changes in US tax laws however, Roth IRAs may be a better way to save than traditional IRAs. US tax laws went […]
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Plan for your 20 Percent Pass-Through Tax Deduction

By Narender Singh With the 20 percent pass-through deduction, noncorporate taxpayers may deduct up to 20 percent of domestic qualified business income (QBI) from a: Partnership S corporation Sole proprietorship There is a limitation based on wages paid, or on wages paid plus a capital element. The deduction is not allowed for certain service trades […]
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Elements of a Good Business Partnership

Like a bundle of sticks, good business partners support each other and are less likely to crack under strain together than on their own. In fact, companies with multiple owners have a stronger chance of surviving their first five years than sole proprietorships, according to U.S. Small Business Administration data. Yet sole proprietorships are more […]
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Is it worth it to amend your return?

Whether it makes sense to amend your return depends on which of these situations you’re in: If you owe the IRS If you discover an omission on your tax return that results in you owing additional tax, you need to correct it with an amendment and provide the tax due. Don’t delay if this is […]
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Financial Freedom! 5 Steps to Become Debt Free

The average household carries $137,063 in debt, while the median household income is less than $60,000, according to data from the Federal Reserve and U.S. Labor Department. While it’s easy to get into debt, it can be hard to get out. Here are five tips personal finance experts recommend to lower your debt burden: List […]
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Five Tax Breaks for New Parents

New parents have their work cut out for them. Not only are they dealing with lost sleep, they also face the extra cost of raising a child. At least there are a lot of potential tax breaks available to them. Check out this list and share it with any new parents you know. Child Tax […]
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