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IRS Updates and Notices
James C. Yochum, CPA

Kraken to Share User Data with IRS: What You Need to Know

Corridor Consulting Responds to Kraken’s Compliance with IRS Information Requests and Advises Proactive Measures for Crypto Users In an unprecedented move impacting the cryptocurrency landscape, Kraken, a leading cryptocurrency exchange, has finally announced to its users its compliance with the IRS’s request to disclose complete transaction details of its users. The data, spanning from 2016 to 2020, includes personal information such as names, dates of birth, tax IDs, addresses, and detailed transaction records. This development follows a court ruling which effectively pauses the statute of limitations clock for the IRS, giving them extended time to assess and take potential legal

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James C. Yochum, CPA
Partnership Taxation
James C. Yochum, CPA

Dodging the Debt Trap: Shield Yourself from Partnership Pitfalls!

In Debt to Your Partnership? Here’s Why and What You Can Do About It! Have you recently glanced at your Tax Basis Capital Account on Schedule K-1 Line L and found it to be negative? This might mean you’re now indebted to your partnership. Confused? Let us break it down for you. How Did You Get Here?The short answer? Partnership Debt. As a partner, you are allocated your share of debt. This increases your Outside Basis – the basis which plays a crucial role in the taxability of distributions and deduction of losses. However, debt doesn’t influence your capital account

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James C. Yochum, CPA
Business Development
James C. Yochum, CPA

Maximizing Profit & Employee Efficiency: The Strategic Advantage of Excess Capacity

Leaving Room for Capacity: Why Overextension Is the K-Mart of Business Operations Imagine walking into a store where every aisle is overflowing with products, the shelves are jam-packed, and there’s no space to move. You’re overwhelmed and unable to navigate efficiently. This is a business operating at full capacity. Much like how a landlord strategically raises rents to anticipate vacancies, businesses must price their services wisely and allow room for excess capacity. Understanding Opportunity CostThe opportunity cost is defined as the difference between the returns on the best forgone option and the returns on the chosen option. In simpler terms,

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James C. Yochum, CPA
Personal Finance Management
James C. Yochum, CPA

Student Loan Secrets: Dive Deep into SAVE Plans & Payment Resumptions

Urgent Update: Student Loan Payments Resumption & The New SAVE Plans Dear valued clients and members, The long pause on student loan payments and the suspension of interest accumulation since March 2020 due to the COVID-19 pandemic is drawing to a close. Interest on student loans will begin accruing from September 1st, 2023, and monthly payments are set to resume in October 2023. There are no anticipated extensions. Key Actions to Take: Spotlight on the SAVE Plans: SAVE Plans offer a more lenient approach to student loan repayments: Immediate Benefits: Changes from July 2024: Special Note: Borrowers are in a

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James C. Yochum, CPA
Business Compliance and Regulations
James C. Yochum, CPA

Is Your Privacy Under Attack? The CTA Will Make You Uncomfortable and Vulnerable

The Corporate Transparency Act (CTA) is a new law that will require privately held entities to report detailed private information to the Treasury. The rules are complex and provide for stringent penalties for noncompliance. The CTA will have a significant impact on individuals and businesses that have undertaken estate planning, asset protection planning, own real estate, and more. Complying with the new CTA rules will be costly, nettlesome, concerning in terms of penalties, and will make individuals and businesses very uncomfortable disclosing information that they probably never did before. The CTA aims to create a comprehensive, searchable, national database of

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James C. Yochum, CPA
Investment Insights
James C. Yochum, CPA

The Unfair Punishment Of High-Credit Homebuyers – Starting May 1st, 2023

The US Federal Housing Finance Agency’s (FHFA) recent decision to revamp federal rules on mortgage fees has stirred controversy, with concerns raised about the impact on high-credit buyers. The new rules will offer discounted rates for homebuyers with riskier credit backgrounds, while forcing higher-credit homebuyers to pay higher costs, which has been met with criticism from the mortgage industry. In this article, we will delve into the FHFA’s changes and explore the potential effects on the housing market and mortgage industry. What are the Changes to Mortgage Fees? Fannie Mae and Freddie Mac, government-sponsored enterprises that buy and resell loans,

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James C. Yochum, CPA
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