November | 2021 | Business Management Company

New digital asset reporting requirements will be imposed in coming years

November 24, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

November 24, 2021 / by Brett Hess / Newsletter, Small Business, Tax

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush […]

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

November 12, 2021 / by Brett Hess / Uncategorized

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But […]