Tax Tips

Whether a revenue-generating activity constitutes a trade or business is typically straightforward — until it isn’t. The most common confusion on this issue arises around hobbies that generate revenue and investments that involve personal involvement. Many of these activities are challenging to distinguish from trades or businesses. Having the status of a trade or business […]

Navigating the complexities of a 401(k) audit can seem overwhelming, but with the right knowledge and professional support, you can manage the process smoothly. Here’s a straightforward guide to help you understand the essentials of 401(k) audit requirements.  What is a 401(k) Audit? A 401(k) audit is generally required for retirement plans with more than

More than 125,000 high income individuals, who have abstained from filing federal tax returns since 2017, will receive letters urging them to file or provide explanations for their non-filing status, stated the IRS earlier this year. The letters are being sent to over 25,000 individuals with incomes surpassing $1 million and to over 100,000 individuals