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Several Taxpayer Assistance Centers to Have Saturday Hours, IRS Says

CPA Practice

24, and more than 70 offices are scheduled for the March 16 event. These Saturday hours are designed to help those with busy weekday work schedules get the help they need at a time more convenient for them,” IRS Commissioner Danny Werfel said in a statement. To make an appointment during regular hours, call (844) 545-5640.

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IRS Offers Special Resources Pages in 21 Languages

CPA Practice

The Schedule LEP , with instructions PDF available in multiple languages, can be filed with a tax return by those taxpayers who prefer to communicate with the IRS in another language. For assistance in English and Spanish, taxpayers should call 800-829-1040. For all other languages, taxpayers should call 833-553-9895.

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IRS Expands Business Tax Accounts to Include S Corporations and Partnerships

CPA Practice

Ultimately, these new online options will help make interactions easier for businesses while reducing paper-based processes and the need to call the IRS.” To access business tax account, individuals must have a Schedule K-1 for a minimum of one year during the 2019-2022 period on file.

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The CannaBiz Success Show: Navigating Federal Policy Changes in the Cannabis Industry with Aaron Smith

Anders CPA

Aaron Smith, CEO of the National Cannabis Industry Association (NCIA) , joins Guillermo to discuss the impact of potential federal policy changes on the cannabis industry, focusing on the benefits of rescheduling cannabis from schedule 1 to schedule 3.

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SB 113 Provides Additional Relief from SALT Deduction Limits

RogerRossmeisl

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit.

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All About Limited Liability Companies(LLC)

Bharmal&Associates

LLC owners are called members. We will call LLCs with two or more members multimember LLCs. Under the default treatment, you simply report all the single-member LLC’s income and expenses on Schedule C of your Form 1040. You report the numbers for a farming or ranching activity on Schedule F. Farm or ranch. Farm or ranch.

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Your Tax Guide to Professional Gaming

Withum

Instead, the company issues a form called a 1099-NEC. Those that receive 1099-NEC should report this income within Schedule C of their 1040 income tax return, unless that individual created a company specifically for their Esports activities. Record the expense on Schedule C the same way you would for any other business.

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