Businesses that usually file IRS Form 1099-MISC to report payments they make to independent contractors, gig-economy workers and outside consultants should prepare for change in the coming year. Effective for tax years beginning in 2020, the IRS requires businesses to report nonemployee compensation totaling $600 or more on Form 1099-NEC rather than including it on […]
Posted on October 26, 2020
by
Adam Cohen
The Affordable Care Act (ACA), signed into law in 2010 and effective for tax years beginning in 2014, continues to be a source of political and legal contention. Today, amid the COVID-19 pandemic and resulting business closures and job losses, Republican lawmakers and business owners in 20 states prepare to argue before the Supreme Court […]
Posted on October 20, 2020
by
Heath Standorf
The IRS recently published final regulations regarding the business interest expense deduction limitations introduced in 2017 by the Tax Cuts and Jobs Act (TCJA) and recently updated by the CARES Act. Included in the final regulations are guidance to help taxpayers identify and calculate their interest deduction limitation and FAQs to help them understand if […]
Although the U.S. government postponed its plan last week to vote on a bill that could legalize marijuana use at the federal level, the rapidly growing cannabis business remains alive and well at the state level. There are currently 33 states that have legalized marijuana for medical use, 11 of which have also legalized use […]
Posted on September 29, 2020
by
Jack Winter
Job losses and small-business closures are forcing Americans to reconsider the ways in which they earn income and provide for their families during and after the COVID-19 pandemic. Some are finding survival by entering the growing gig economy or turning their hobbies into businesses that can generate income in the current economic climate. However, it […]
Posted on September 22, 2020
by
Kevin McNally
Among the millions of American workers filing for unemployment compensation in the wake of the COVID-19 pandemic are self-employed individuals, independent contractors and part-time workers who otherwise would not qualify for these benefits. While the extension of unemployment assistance to these workers is good news, it is critical for out-of-work individuals to recognize that the […]
Posted on September 08, 2020
by
Karen Lake
The COVID-19 pandemic has forced a record number of taxpayers to work from home, creating a sea of new income tax challenges they had not previously been required to consider. Despite all the conveniences of work-from-home (WFH) policies, employees need to prepare themselves for how this new normal will impact their state and federal tax […]
Posted on September 02, 2020
by
Lewis Taub
On Aug. 28, 2020, the IRS issued guidance to help employers carry out the temporary deferral of payroll taxes, which the President introduced three weeks prior as a measure to “put money directly in the pockets of American workers” and kickstart the economy. However, taxpayers should be forewarned that the guidance does not answer all […]
Posted on August 24, 2020
by
Adam Cohen
Hurricane season is heating up, and we are reminded of the importance of preparing for the impact of a threatening storm or other natural disaster and planning for short and long-term recovery. One thing that we can rely on every year is that hurricane season will begin on June 1 and run through November 30. […]
Posted on August 20, 2020
by
Joel Glick
The economic realities of the COVID-19 health crisis are setting in, forcing businesses of all sizes and in all industries to think about how and if they can continue to meet their existing financial obligations and remain afloat without taking on more debt. While some business owners consider bankruptcy to be a death knell for […]
