NEW FILING REQUIREMENT FOR BUSINESS TAXPAYERS WHO RECEIVE CASH (OR CHECK) TRANSACTIONS OVER $10,000

To combat money laundering and terrorism, the Financial Crimes Enforcement Network (FIN-CEN) is now requiring businesses report (within 15 days of receiving the cash), the receipt of $10,000 in cash from customers in the conduct of Trade or Business. This regulation took effect on January 1, 2024. What is

Read more

IRS Guidelines: Hobby or Business??

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also

Read more

Writing off Business Travel Expenses

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their taxes. Here

Read more