July 2023

The Internal Revenue Service (IRS) has issued another warning to taxpayers about a new scam mail scheme that attempts to trick people into believing the government owes them money.

One of the most mis-understood parts of the tax code is how to handle fringe benefits when you are a shareholder of a S corporation.  Here's a quick primer on life insurance, retirement plans and health insurance:

The IRS has announced a major yet “common-sense” policy change that will put an end to most unannounced agent visits to taxpayers’ homes.  This move reverses decades of policy that saw IRS revenue officers knock on the doors of taxpayers’ homes without forewarning in attempts to resolve delinquent tax matters.

The number of content creators on social media have ballooned and advertising departments have noticed.  Sending their products to creators to evaluate is one of the most cost effective ways to get your name out their to an audience that is willing to listen.  

What a lot of new creators fail to address is how to handle these 'gifts' from a tax standpoint. So let's review the rules and IRS regulations that pertain to this subject. Here is an example situation to begin the discussion: