Tax reform eliminated the itemized deduction for employee business expenses. Thus, employees cannot deduct home office expenses for the tax years 2018 through 2025. However it's worth noting that the rules did not change for self-employed persons. So if you are self-employed, a small business owner, or an entrepreneur, you can continue to deduct qualifying...
Short of $$$ and short of staff, the number of tax returns examined by the IRS has dropped to just 0.5% of all returns — but that still means over a million taxpayers will be singled out for review. Most folks are honest when it comes to filing their returns but some do “fudge” a...
Got Bitcoin? You may owe taxes on cryptocurrency transactions! Some cryptocurrency investors have received letters from the IRS this month announcing that their federal tax returns don’t match the information received from virtual currency exchanges. The letters acknowledge that trading exchanges, not the taxpayers, may have made the errors, however this signals that the IRS...
Did you know that the IRS has issued a draft Partnership K-1 with extensive changes? Are you aware that the IRS has proposed new regulations for the limitation on the deduction of business interest? It may be time to contact your tax professional at Fuoco Group so that you have no surprises when your 2019...
Thanksgiving is here and 2020 is right around the corner — there is no better time to consider your year-end tax planning! We don't have a magic wand, but here are some tried and true tax minimization techniques our clients have found helpful over the years, especially since Tax Reform took effect: Deferring your income...
