Short-term rentals are a topic that stirs up much discussion among tax professionals. For property owners juggling short-term and long-term rentals, understanding how the distinctions impact depreciation can be the difference between compliance and costly errors. When...
The S corporation tax structure is a favorite among small business owners. Pass-through treatment? Check. No self-employment tax on S corp profits? Check. However, the final consideration that many S corporation shareholders overlook is wages. Let’s talk about...
When it comes to upgrading a rental property, few projects raise more questions than kitchen remodels. At a glance, they seem like improvements—new cabinets, updated appliances, maybe a new layout. But under IRS rules, not all kitchen upgrades must be capitalized. In...
In recent years, there has been a rise in the number of losses resulting from scams. In our Update seminars, we have discussed the treatment of these losses, particularly as they relate to cryptocurrency. We believed that many of these scam losses qualified as...
Understanding Self-Employment Tax in Oil and Gas Partnerships Investing in oil and gas partnerships can provide significant tax advantages, but it also brings unique tax obligations—particularly regarding self-employment tax. Many investors enter these ventures...
In lieu of filing a separate information return for each payment of reportable gambling winnings, a payor may use the aggregate reporting method to report gambling winnings from bingo, keno, or slot machine play on a daily basis. An information reporting period is...
