Yes, it’s true. Generally, the U.S. federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income a...

Extended Deadline with New Jersey Tax Extension: New Jersey offers a 6-month extension of time to file corporation returns, which moves the filing deadlin...

A sole proprietorship can’t be changed to an S corp directly. Instead, the owner must first form either an LLC or a C corp and then elect S corp status wi...

Taxpayers can request an automatic method change for depreciation and amortization if the requirements are met to do so. Taxpayers may change from an impe...

The IRS requires you to file a tax return when your gross income exceeds the sum of the standard deduction for your filing status plus one exemption amoun...

Startups are usually equity financed/funded by way of venture capital/ private equity investors and(or) angel investors. Which is the best option for star...

You can use the IRS’ Where’s My Refund? tool to check the status of your refund within 24 hours of e-filing. If you filed a paper return, you may not be a...

What should I do if I don’t remember my CAF number? If you’re a tax professional and can’t remember your CAF number, you can call the Practitioner Priorit...

Nonqualified plans are retirement savings plans. They are called nonqualified because unlike qualified plans they do not adhere to Employee Retirement Inc...

As an employer, it is your job to withhold taxes from employee wages. If an employee gives you a Form W-4 that says they are exempt, don’t withhold federa...