Accounting Accuracy LLC

Don’t Lose Out When Corp. Vehicle Is in Your Personal Name - Accounting Accuracy LLC Do you operate your business as an S or a C corporation? Do you drive a vehicle titled in your personal name for corporate business? Beware. The Tax Cuts and Jobs Act (TCJA) changed the rules for tax years 2018-2025. Before the TCJA, you had to pay attention to the use of your personal vehicle for c...

IR-2023-244: IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause IR-2023-244: IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause Internal Revenue Service (IRS) sent this bulletin at 12/19/2023 04:35 PM EST News Essentials The Newsroom Topics IRS R...

Great news for those who may have received penalties during the pandemic! Feel free to contact us at Accounting Accuracy, LLC if you have questions.

IR-2023-244: IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause IR-2023-244: IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause Internal Revenue Service (IRS) sent this bulletin at 12/19/2023 04:35 PM EST News Essentials The Newsroom Topics IRS R...

Tax Reduction Letter - Court Denies Clothing Donations to Goodwill and the Salvation Army Court Denies Clothing Donations to Goodwill and the Salvation Army

Reasonable compensation refers to the amount of compensation paid to an employee or owner that is considered reasonable and appropriate for the services they provide, given their role, responsibilities, and the market value of their services.

What Is Reasonable Compensation - Accounting Accuracy LLC Reasonable compensation refers to the amount of compensation paid to an employee or owner that is considered reasonable and appropriate for the services they provide, given their role, responsibilities, and the market value of their services. For employees, reasonable compensation is typically deter...

Many of my clients in real estate ask me this: What is active participation as a real estate investor?

What is Active Participation as a Real Estate Investor? - Accounting Accuracy LLC Active participation as a real estate investor typically involves taking an active role in the day-to-day management of a real estate investment property or portfolio. This can include activities such as: 1. Property Acquisition: Searching for, evaluating, and acquiring investment properties. 2. Pro...

Legal requirements of an S Corp.

What Are The Legal Requirements Of An S Corp? - Accounting Accuracy LLC A S corporation must meet the following legal requirements: Be a domestic corporation Have only allowable shareholders, including individuals, certain trusts, and estates and Not more than 100 shareholders Have only one class of stock Not be an investment company Not be an international sales corpor...

Here's a question many Airbnb owners have asked me: How is my Airbnb taxed?

How is an Airbnb taxed? - Accounting Accuracy LLC Airbnb rental income is considered taxable income and must be reported on your tax return. Here's a brief overview of the tax implications for Airbnb rentals: Federal income tax: Airbnb rental income is subject to federal income tax and must be reported on your federal tax return. State and local ta...