July 2021
Featured Article From Our Experts
What’s In President Joe Biden’s Tax Plan?

Throughout the 2020 presidential debates, and subsequent election, we have been inundated with information regarding Joe Biden’s tax reform. On May 28, 2021, President Biden’s administration unveiled its proposed budget for fiscal year 2022. The budget includes many of the proposed tax modifications that were included in the American Jobs Plan and the American Families Plan. In this article, I will take a look at some of the individual and business tax provisions that were introduced in the proposed budget.
Curtailing Tax Surprises With Cryptocurrency
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes more popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property. This article explores the impact on capital gains and losses as well as defines key terms such as “hard forks” and “air drops.”
Family Businesses Must Beware of Fraud
Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. However, for various reasons, they may also potentially face higher fraud risk. This article discusses why, and how family business owners can reduce their risk.
Are Scholarships Taxable?
If your child has been awarded a scholarship for college or another type of school, it’s certainly cause for celebration. But parents need to be aware of the potential tax implications. This article explains whether or not scholarships are taxable.
 
A Tax Quirk of Being a Business Partner
In any given year, a partner in a business may be taxed on more partnership income than he or she received in distributions. As this brief article explains, this quirk of taxation lies in the way partnerships and partners are taxed.


Tax Calendar
This calendar notes important tax deadlines for the third quarter of 2021.

About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients and it's also the most significant way we can contribute to their long-term success.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com