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Avoid IRS Audits: Fix the 1099 Prepaid-Rent Mismatch

Posted on November 15th, 2019

Two questions:

  1. Are you prepaying your 2020 rent so that you have a big 2019 tax deduction?
  2. How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord?

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Got Crypto? New IRS Ruling Requires You to Do 3 Things

Posted on November 10th, 2019

In mid-October 2019, the IRS released new rulings regarding how virtual currency is viewed in light of tax law.

The main takeaway is this: If you’ve got crypto, the IRS is keeping a close eye on you. There’s no need to panic! Here at Robert Russo CPA, we’ve put together 4 things you need to understand about taxes on cryptocurrency – and how the new October ruling impacts you. Read More…

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New Twist on the Social Security Number (SSN) Scam

Posted on November 3rd, 2019

New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don’t be fooled, however; it’s nothing more than a new twist on an old scam and yet another attempt to frighten people into returning “robocall” voicemails. Read More…

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Business Expense Deductions for Meals, Entertainment

Posted on November 3rd, 2019

As the end of year approaches, taxpayers are reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers should rely on transitional guidance that was recently issued by the IRS. Read More…

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Seasonal Workers and the Healthcare Law

Posted on November 2nd, 2019

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). Read More…

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Tax Tips for Owners of Historic Buildings

Posted on November 1st, 2019

If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Read More…

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Reporting Virtual Currency Transactions, Bitcoin and Taxes

Posted on November 1st, 2019

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill—money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated. Read More…

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