An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to
Victor Dozzi
Aug 15, 2023
Pocket a tax break for making energy-efficient home improvements
- By Victor Dozzi
- Taxes
- 0 Comments
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Aug 9, 2023
Receive more than $10,000 in cash at your business? Here’s what you must do
- By Victor Dozzi
- Business
- 0 Comments
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or
Aug 2, 2023
Moving Mom or Dad into a nursing home? 5 potential tax implications
- By Victor Dozzi
- Taxes
- 0 Comments
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care,
Jul 12, 2023
That email or text from the IRS: It’s a scam!
- By Victor Dozzi
- Taxes
- 0 Comments
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email,
Jul 6, 2023
Good acquisition? Not if your seller’s hiding something
- By Victor Dozzi
- Fraud
- 0 Comments
If you’re considering buying a company, fraud may be the last thing on your mind. Unfortunately, you can’t afford to ignore the possibility that your acquisition target is hiding something — possibly something that will have negative financial and legal implications after the deal is complete. To ensure the transaction is what it appears to
Jun 29, 2023
Before you scan a QR code, make sure it’s legitimate
- By Victor Dozzi
- Fraud
- 0 Comments
Technology has made seemingly everything fast, convenient and easily accessible. This is certainly true of quick response (QR) codes, those ubiquitous symbols you can find on everything from restaurant menus to product packages to advertisements. When you scan QR codes with a smartphone, you can access prices, instructions, product information and even payment apps. But
Jun 27, 2023
If you’re hiring independent contractors, make sure they’re properly handled
- By Victor Dozzi
- Business
- 0 Comments
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether
Jun 21, 2023
If you’re married, ensure that you and your spouse coordinate your estate plans
- By Victor Dozzi
- Estate
- 0 Comments
Estate planning can be complicated enough if you’re single. But things can get more difficult for married couples. Even if you and your spouse have agreed on most major issues in the past, you shouldn’t automatically assume that you’ll both be on the same page when it comes to making estate planning decisions. Thus, it’s
Jun 15, 2023
Being a gig worker comes with tax consequences
- By Victor Dozzi
- Taxes
- 0 Comments
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on
Jun 13, 2023
Are your nonprofit’s interim and year-end financial statements at odds?
- By Victor Dozzi
- Non-Profit
- 0 Comments
If your smaller nonprofit uses the cash basis of accounting and routinely prepares interim financial statements, you may have noticed that your auditors propose financial statement adjustments at year end. Why is this happening? In general, such adjustments reflect differences between the cash basis and accrual basis of accounting. Accrual accounting is required by GAAP