The IRS states that if you lent someone money with the expectation of them paying you back, but they fail to repay you, you may be able to write off the unpaid amount as a nonbusiness bad debt on your tax return.
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In a shocking announcement today, the IRS has decided to delay the implementation of a controversial new rule that would have required payment processors like PayPal, Venmo, and CashApp to issue 1099 tax forms for business transactions over $600. This rule was originally slated to go into effect on January 1, 2023.
As we approach the dawn of a new year, there's something brewing in the world of business that has many entrepreneurs and small business owners on edge. On January 1, 2024, a new requirement is set to make waves in the business world – the BOI report. In this blog post, we'll break down what the BOI report is, who it affects, and why it's causing a stir among business owners.
In recent times, the future of TikTok has been shrouded in uncertainty. With the threat of a ban looming over the popular short-form video platform, content creators are scrambling to prepare for the potential sudden decline in income that may accompany such a decision. In this context, long-term brand deals with 12 or 18-month contracts are emerging as a more secure and reliable income source for creators. In this blog post, we will explore the advantages of these partnerships, and why they might be the best option for creators to continue thriving in the face of an unstable social media landscape.