Article Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2022 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior year you may end up forfeiting it. If you haven’t [...]
By far, one of the biggest (and most unique) challenges facing e-commerce companies today has to do with the uncertain nature of the entire enterprise. Nobody could have predicted the onset of the COVID-19 pandemic in 2020. One side effect of this was that e-commerce ordering across all verticals shot up overnight as in-person shopping became impossible in many areas. This led to inventory [...]
Article Highlights: Divorce or Separation Agreements Can Specify Who Claims a Child. If You Pay Child Support, You Claim the Child as a Dependent. Avoiding Payroll Taxes by Treating an Employee’s Compensation as a Gift. Only Medical Expenses for Taxpayer, Spouse, and Dependents Are Deductible. Donation of the Use of a Time-Share Week Is a Charitable Deduction. Pay Household Help in Cash and Avoid [...]
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