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Can investors who manage their own portfolios deduct related expenses?


Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.

Tags: tax

Business website costs: How to handle them for tax purposes


Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Here are the general rules.

Tags: tax

How to report COVID-19-related debt restructuring


Attention, lenders! COVID-19-related loan modifications may be exempt from the complex accounting rules for troubled debt restructurings, if certain conditions are met. Does your bank qualify?

Tags: audit

When should you pay nonprofit board members?


There are several pros and cons to weigh before compensating nonprofit board members. And even if you do decide to pay your board, coming to an appropriate amount can be tricky.

Tags: nonprofit

Tax implications of working from home and collecting unemployment


Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.

Tags: tax

2020 Q4 tax calendar: Key deadlines for businesses and other employers


With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.

Tags: tax

On-time financial reporting is key in times of crisis


Who cares if your financial statements are late? Lenders and investors are looking for reassurance that you’re doing OK in today’s unprecedented conditions. Procrastination may cause them to presume the worst.

Tags: audit

What to do when the audit ends


Just because your nonprofit’s financial audit has ended doesn’t mean your work is done. There are several tasks to complete before the draft report becomes final. Learn what they are.

Tags: nonprofit

Homebuyers: Can you deduct seller-paid points?


In most cases, points a buyer pays in a home sale are a tax deductible interest expense. But what about seller-paid points?

Tags: tax

Employers have questions and concerns about deferring employees’ Social Security taxes


The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.

Tags: tax