Category: Tax Tip Thursday
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Background on the BOI Report Guide to the BOI Report Background What is a Beneficial Owner Information Report? The Corporate Transparency Act, passed in 2021, created a requirement for companies to report direct or indirect owners, to make it more difficult to benefit from ill-gotten gains through the use of shell companies or other opaque…
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Disclaimer: This article is for informational purposes only and not for the purpose of providing tax or legal advice. The content should not be relied upon for making tax or legal decisions. Are Rewards Considered Income? Typically, the IRS treats credit card rewards as a rebate on spend, rather than taxable income. For personal transactions this…
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To start, I need to say that as an accountant, keeping business and personal expenses separate by using separate bank accounts and credit cards is always the preferred option, as it makes tax preparation and end of year bookkeeping much more straightforward. This may also result in savings on your accounting bill if you are…