Insights

The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the following: Services performed by someone who is…

With lifetime gift and estate tax exemptions at an all-time high in 2020, not as many taxpayers will be subject to federal gift taxes this year. However, that doesn’t mean you won’t have to file a gift tax return. Nontaxable Gifts There are a few scenarios that do not involve paying gift tax, but you…

Many manufacturers are feeling the impact of the current crisis. But companies that are ready to retool and refocus may be able to take advantage of several opportunities. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of (1) increased access to market trends and…

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any individual or business that received government funds this year…

Many businesses are facing the financial effects of the Covid-19 pandemic. The loss of clients and decreased cash flow have forced businesses to make some hard choices that involve restructuring debt either in or outside of bankruptcy or simply closing the doors. Key Considerations The first task for company leaders is leaving their emotions aside as…

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous…

Many businesses remain steeped in financial, operational, and HR challenges related to the COVID-19 crisis, but businesses cannot afford to neglect proper tax planning this year. With only a few months remaining in 2020, now is the time to evaluate your tax position, take full advantage of tax breaks, and plan out strategies to manage…

We recognize the impact this unimaginable year has had on all of us. There have been immeasurable shifts in our society, but our unwavering commitment to help guide you through these uncharted waters with our resources and expertise remains steadfast. Here are some planning tips to help you untangle the complex tax laws affecting high-income…

Owning your own business gives you a great deal of freedom to make your own choices. It also comes with a lot of responsibility as well, including estimating and paying your own quarterly taxes, hiring reliable employees, and most importantly, saving for a secure financial future. Sometimes the choices for retirement plans can be overwhelming. That’s why we’ve laid…

New information continues to unfold as Congress provides clarity on several aspects of the economic impact payments and discusses a potential second round of stimulus checks. IRS Notice 1444 Under the CARES Act, the IRS deposited or mailed the first round of stimulus payments back in April in the amount of $1,200 per eligible taxpayer,…