As we head into a new year, the IRS has set 2021 inflation adjustments for over 60 tax provisions. Here’s a snapshot of the most important changes, including the tax rate and schedules, income limits for IRA contributions, and more. … Continue reading
Category Archives: General Tax
5 January 2021
Key Adjustments for 2021 – What You Need to Know
2 January 2021
IRS Introduces New Form 1099-NEC
Most small businesses and freelancers are familiar with Form 1099-MISC. In 2020, the IRS unveiled a new Form 1099-NEC for purposes of filing nonemployee compensation for any independent contractors, gig workers, or self-employed individuals not on payroll. In an effort … Continue reading
11 November 2020
Year-End Tax Planning for Businesses
With a new president taking office, an ongoing pandemic, and unprecedented tax law changes over the past few years, this could be the most important tax planning year yet. This article will review 2020 legislative tax changes affecting businesses and … Continue reading
26 October 2020
Year-End Tax Planning for Individuals
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 with our resources and expertise remains steadfast. Here are some planning … Continue reading
28 September 2020
5 New Updates on Economic Impact Payments
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 … Continue reading
5 September 2020
Tax Consequences of COVID-19 Surcharges
Many service businesses are adding surcharges to customers’ bills as a way to make up for lost income during the current economic financial crisis. Business owners are going out of their way to enhance safety measures and make customers feel … Continue reading
25 August 2020
The Ins and Outs of Quarterly Estimated Taxes
[Next Estimated Tax Deadline: September 15] There’s been a lot of movement in the small business space since COVID-19 has created unprecedented disruption since earlier this year. Many people were forced to rethink their careers or close up shop, while … Continue reading
3 August 2020
What Small Businesses Need to Know About PPP Loans
As borrowers face deadlines and near the end of covered loan periods, many questions are being asked about PPP loan requirements and forgiveness eligibility. There’s still much-needed clarification awaited by the U.S. Small Business Administration (SBA), but here’s an up-to-date rundown … Continue reading
26 July 2020
Is Fortnite and Other Video Game Currencies Taxable?
Some gamers may be increasing their screen time and raking in the virtual dough as the lazy days of summer commence. What does virtual currency mean for tax purposes? The IRS released a statement earlier this year informing gamers who … Continue reading
22 July 2020
Can I Claim a Home Office Deduction During COVID?
Many of us have rearranged, redecorated, or reimagined our homes to convert them into office spaces this year due to COVID-19. This new swell of people working remotely has sparked questions regarding home office expenses and whether they qualify for … Continue reading
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