If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it recently issued warning letters to over 10,000 taxpayers it suspects might…
“Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the following must apply to be able to deduct home office expenses. The home office: Must be the taxpayer’s main place of business. OR Must be a…
In the largest possible sense, handling the cash flow for your new business is exactly what it sounds like ‒ you’re trying to get the clearest level of visibility into “money coming in versus money going out” as possible. But managing cash flow is also about a lot more than that, too. It’s about making…
Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24. The kiddie tax originated many years ago as a means to close…
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead. Per the linked statistics, for the average American who earned $50‒70K per year, only about half a percent of those tax returns got audited. If you made between $25‒50K or…
By Mike Lorenz, Senior Manager – Valuation & Business Analytics, BDO USA, LLP Public concern about global warming and the air we breathe means shippers will potentially find themselves operating under increasingly tight rules and thinner margins in the coming years. Like most industries that depend heavily on fossil fuels, shipping is likely to find itself…
A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately.…
Indianapolis-based BGBC Partners, LLP is pleased to announce the promotion of seven staff members. Annie Hagan was promoted to Manager. Caleb Williams was promoted to Supervisor. Bethany Neese, Chat Whitman, Drew Richards, and Karla Tugan were promoted to Senior. Whitney Hall was promoted to Senior in the Emerging Business Solutions department.
Expanding internationally presents companies with a world of opportunity—as well as a host of questions and risks from an accounting and finance perspective. When companies evaluate the costs and benefits of entering into new countries or regions, they often include tax planning in their financial analysis. But understanding the true cost of doing business in…
The Indianapolis-based CPA and advisory firm BGBC Partners, LLP is pleased to announce the addition of Makylie Siples, Angela Stromberger, and Mark Woolard to their professional team. Makylie Siples joins the team as a Staff Accountant. She is a recent graduate of IUPUI, where she studied accounting and finance. Previously, Siples interned at BGBC as…