HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
IRS Ends Direct File: What’s Next for Taxpayers as Focus Shifts to Free File Upgrades and Private Sector Innovation
The IRS has officially ended its Direct File pilot program, signaling a major shift toward enhanced Free File partnerships and private sector innovation.
Unlocking the Expanded SALT Deduction Strategy: How AI Tax Research and an AI Tax Planning Tool Can Elevate Your Game
If you’re a tax professional or high-net-worth individual, the newly expanded state and local tax deduction (SALT) presents a unique planning window
How do I treat PPP loan forgiveness?
Qualifying forgiveness of a Paycheck Protection Program (PPP) loan is excluded from gross income; it creates tax‑exempt income rather than taxable cancellation‑of‑debt income.
Which states tax remote workers differently in 2025?
Nebraska modified its “convenience of the employer” rule for employer withholding on remote employees who primarily work outside Nebraska
What are Qualified Business Income (QBI) deduction rules for 2025?
The QBI deduction allows up to 20% of your net qualified business income from domestic trades or businesses, plus up to 20% of qualified REIT dividends and qualified publicly traded partnership (PTP) income.
How do I report income from gig economy work and freelance jobs?
Report your gross receipts and expenses on Schedule C (Form 1040). Net profit is subject to income tax and self-employment (SE) tax; compute SE tax on Schedule SE if your net earnings from self-employment are $400 or more.
Which costs are deductible for running a small business?
You can deduct expenses that are ordinary (common and accepted in your trade) and necessary (helpful and appropriate) for carrying on your business. This is the baseline test under the Internal Revenue Code.
How do I report business expenses and home office deductions for remote work?
If you are self-employed (sole proprietor filing Schedule C), you generally deduct ordinary and necessary business expenses under section 162 on Schedule C and take the home office deduction on Form 8829
What are the latest rules for reporting cryptocurrency gains/losses?
Selling crypto for fiat, swapping one token for another, spending crypto on goods/services, or otherwise disposing of a digital asset are taxable events that you must report; use Form 8949 to compute gain/loss
Employee Retention Credit Crackdown: What Every Tax Professional Must Know
The era of aggressive claims under the Employee Retention Credit (ERC) is shifting into enforcement overdrive. With the IRS intensifying audits and recovery efforts, tax professionals must proactively navigate eligibility, documentation, and compliance.