What’s the Difference Between a Hobby and a Business for Tax Purposes?
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making …
Insights and News
Refunds are Taking Longer than Usual to Process this Year. Time is Running Out to File Your Return!
Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. The IRS is understaffed …
All Home Health Agencies: Critical iQIES Update from CMS!
Please read this important update from CMS and share it with your staff: “CMS identified an iQIES system nuance that may affect your HHA’s Services Provided values that are displayed …
Do You Own a Rental Property? Avoid these Common Mistakes and Keep More of Your Money!
Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either claim the …
Remember – Gig Economy Earnings from Apps and Other Employers and Cryptocurrency Gains are Taxable!
Gig economy earnings are taxable Generally, income earned from the gig economy is taxable and must be reported to the IRS. The gig economy is activity where people earn income …
Taxpayers Can Now Sign Up for an IRS Online Account Without Submitting Biometric Data
An important update from IRS.gov: “The IRS announced today that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts …
File Your 2021 Tax Return as Soon as Possible to Take Advantage of Credits from the American Rescue Plan!
This year many filers can take advantage of unique tax benefits included in the American Rescue Plan and other recent legislation. Often, individuals and families can get these expanded tax benefits, …
$2 Billion More in Provider Relief Fund Payments are Going Out this Week
HHS through the Health Resources and Services Administration (HRSA), is making more than $2 billion in Provider Relief Fund (PRF) Phase 4 General Distribution payments to more than 7,600 providers …
W-2 and Other Wage Statements Must be Filed by January 31st!
All employers need to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS …
The Supreme Court Upholds CMS’ Vaccine Mandate, While Striking Down the OSHA Vaccine Mandate. What You Need to Know to Stay Compliant!
The Supreme Court has upheld the controversial Medicare vaccine mandate/interim final rule, and it will go into effect for all states. The similar OSHA vaccine mandate, which would have required …