- Do You Need a New IRS Identity Verification?
- In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
- Does Your Business Need to File Forms 1099-NEC or 1099-MISC?
- If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
- How Small and Medium-Sized Business Funding Works
- Small and medium-sized businesses that want to grow beyond what they’re able to accomplish with their own resources often seek funding from investors. Learn more.
- Video tips: How to Prepare for Your 2021 Tax Return
- Watch this video for simple steps that you can take to be ready for your tax return in 2022.
- What Is Tax Basis and Why Is It So Important?
- For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares for $3,000, the gain is calculated based on the difference between the sales price and the basis: $3,000 – $1,000 = $2,000. This is a simplified example, of course—under actual circumstances, purchase and sale costs are added to the basis of the stock—but it gives an introduction to the concept of tax basis.
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