Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform
Victor Dozzi
May 12, 2021
May 6, 2021
Claiming the business energy credit for using alternative energy
- By Victor Dozzi
- Business
- 0 Comments
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax
May 4, 2021
Something’s wrong in your office. Is it fraud?
- By Victor Dozzi
- Fraud
- 0 Comments
Not all red flags lead to active occupational fraud schemes. But when fraud is occurring, it usually leaves traces — for example, accounting anomalies — for fraud experts and other knowledgeable people to find. Owners and executives, as well as rank-and-file workers, should be familiar with the signs of fraud and know when to call
Apr 28, 2021
Keep fraud out of your law firm
- By Victor Dozzi
- Fraud
- 0 Comments
As counterintuitive as it may seem, law firms aren’t immune to criminal activity. Because some firms place enormous pressure on attorneys to produce billable work, they may be particularly vulnerable to fraud. Your firm needs to know what to look for and how to protect itself from potential schemes perpetrated by partners, associates and support
Apr 21, 2021
Home sales: How to determine your “basis”
- By Victor Dozzi
- Taxes
- 0 Comments
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t
Apr 13, 2021
Who qualifies for “head of household” tax filing status?
- By Victor Dozzi
- Taxes
- 0 Comments
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more than half
Apr 7, 2021
Small businesses, big fraud risks
- By Victor Dozzi
- Fraud
- 0 Comments
It’s not always easy being small. For one thing, small businesses (with fewer than 100 employees) experience higher occupational fraud losses: a median $150,000 vs. $140,000 for larger companies, according to the Association of Certified Fraud Examiners. That’s because they don’t always have the staffing or financial resources to implement fraud-prevention programs. Small businesses are
Mar 25, 2021
The interview before the fraud interview
- By Victor Dozzi
- Fraud
- 0 Comments
Before fraud experts begin a formal investigation of suspected occupational fraud, business owners or executives may need to perform preliminary interviews with potential suspects and witnesses. These meetings can help resolve doubts and obtain information. But to be productive, preliminary interviews must be informal and nonthreatening. If you believe someone is withholding information, try asking
Mar 24, 2021
Didn’t contribute to an IRA last year? There still may be time
- By Victor Dozzi
- Taxes
- 0 Comments
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax
Mar 16, 2021
Business highlights in the new American Rescue Plan Act
- By Victor Dozzi
- Business, Taxes
- 0 Comments
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the tax highlights of the ARPA. The Employee Retention Credit (ERC). This