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Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping

Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. In some cases, the money...

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  • March 22, 2022

Changes in 1099-K Threshold: What it Means for the Gig Economy

The American Rescue Plan Act of 2021 is intended to combat the economic and health impacts of the COVID-19 pandemic but within this $1.9 trillion stimulus package is a provision that will spell significant change for third-party settlement organizations...

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  • November 3, 2021

Accept Credit Cards? You May Be an Audit Target

If you accept credit cards at your place of business, the Internal Revenue Service may have its eye on you. According to CNNMoney, the IRS has sent letters to 20,000 small-business owners over the past year to verify that...

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  • September 6, 2013