Under default IRS rules, rental real estate activities are considered passive, regardless of how much time the taxpayer spends managing properties. Passive losses generally can only offset passive income, and unused losses must be carried forward. However, taxpayers who qualify as real estate professionals may treat rental activities as nonpassive, which allows: ✔ The ability
Yesterday, Victor Garrido, CPA, EA, had a zoom call presentation about the "Beneficial Ownership Information (BOI) Report to avoid criminal and civil penalties" for the Greater Philadelphia Chamber of Commerce and his members. As we mentioned in our presentation, there are items that will keep changing regarding the Corporate Transparency Act passed in 2021. One
New Jersey will offer $500 return-to-work bonuses for unemployed residents in their first paycheck after hiring and employers will be eligible for up to $10,000 in wage subsidies to hire and train new workers, Gov. Phil Murphy announced on 9/27/2021. The return and earn program is directed to businesses with 100 or fewer employees and
