The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.

Some parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here’s what people in this situation need to know before filing their 2021 federal tax return.

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be:

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement.

The three approaches appraisers use to value a business are essentially a matter of common sense. You start with the balance sheet and adjust the book values of assets and liabilities to their market values. Then you turn to the income statement and evaluate how much cash the business is expected to generate in the future. Finally, you investigate how much competitors have sold for in the past.

The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for the tax year 2021.

According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers — and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft, these crimes include investment fraud and ransomware scams that affect businesses.

Tax rules on services can be tricky. When it comes to technology services it gets much trickier. Add in remote service, and the head starts to spin. One area that is especially complex is help supply services. Help supply services are defined as “providing temporary or continuing help where the help supplied is on the payroll of the supplying person or entity, but is under the supervision of the individual or business to which help is furnished.”1 PA Code Section 60.4 (b) states that the service is taxed if delivery or use occurs within Pennsylvania. “Delivery” is defined as when the employee reports to a location within the commonwealth, and “use” is defined as an employee performing work at a location within Pennsylvania.