Author: admin_falco

Important Considerations for Shareholders of S Corporations Undergoing Significant Ownership Changes

Many business owners are not aware of elections available to existing S corporations with significant ownership changes occurring in a given tax year, specifically the Internal Revenue…

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New Schedules K-2 and K-3: Enhanced Reporting of Foreign Information

Schedules K-2 and K-3 will be a major change to partnership and S corporation reporting starting in 2021 and will be required for 2022 and future years.…

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The Taxation of Collectibles: What Collectors Need to Know

A 1979 Wayne Gretzky rookie card sold for $1.79 million in December, while a Mickey Mantle rookie card brought in $5.2 million. Online collectible sales exploded. U.S.…

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IRS Online Tools and Account Creation

With a shrinking IRS workforce, getting in contact with IRS agents is becoming increasingly difficult. The more traditional methods of communicating with the IRS – by phone…

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Washington Long-Term Care Tax Updates, Withholding Date Extended

On January 27, two bills were passed by the Washington state legislature pertaining to the WA Cares Fund. These bills prolonged the start date for withholding premiums…

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