Income Tax

Gig economy companies classifying their workers as independent contractors continue to face lawsuits, state action, and federal agency enforcement

According to SideHustle.com, 45% of Americans (70 million people) report having a side hustle. Among millennials, that number rises to 50%, while 70% of Gen Zs reported looking for a side hustle.

The state of Georgia's taxation department has announced that taxpayers can claim fertilized embryos as dependents for tax purposes.

Although Wayfair was strictly a sales tax case, states have also begun to assert economic nexus for income tax purposes. Unlike sales tax, currently only a handful of states...

The Financial Accounting Standards Board (FASB) recently decided to tackle a project that could result in new rules being created on how companies should account for environmental credits, such as renewable energy credits and carbon offset credits.

The CP14, which is required by law to be issued within 60 days after the IRS assesses a tax liability, is the most common IRS notice sent to taxpayers, according to the Taxpayer Advocate Service, and requests payment within 21 days. The reason why taxpayers have a balance due can be related to a number of issues, such as failing to report some income or failing to pay a balance in full, Tiffany Gonzalez, CPA, CEO of Miami-based accounting firm Accounting to Scale, stated last week on LinkedIn.

It used to be that receiving a Form 1099-K was relatively rare. The form, technically known as Form 1099-K Payment Card and Third-Party Network Transactions was used to report payments received from various third-party resources. Prior to 2022, the monetary threshold to receive a 1099-K was $20,000, with 200 sales-related transactions required. Both requirements had to be fulfilled in order to receive a 1099-K.

Practice management is the heart and sole of an accounting firm, handling everything from initial client contact to managing workflow, to properly tracking hours and billing clients. When asked, here’s what respondents said were their biggest practice management challenges in 2021.