In a continued joint effort to streamline the Tax Capital Reporting Requirement for partnerships, The U.S. Treasury and IRS recently provided additional penalty relief for the transition to reporting requirements effective for taxable years ending on or after December 31, 2020. The agencies are working to reduce filing complexities and increase transparency and compliance for
Read More...
Beginning with 2020 information reporting, the IRS is reintroducing Form 1099-NEC, a form that was previously used until the early 80’s for reporting nonemployee compensation. The IRS hopes the form will help avoid fraudulent reporting, deadline confusion, and filing errors. In addition to new filing requirements, Form 1099-NEC has resulted in a redesigned Form 1099-MISC.
Read More...
As tax planners, we are familiar with the uncertain world of predicting future events and their related tax consequences. In working with businesses who obtained PPP loans, namely for those who have, or intend to have, some or all of these loans forgiven, however, the topic of 2020 deductions brings about uncertainty. With the current
Read More...
Tax planning for year-end 2020 will occur under very unique circumstances. COVID-19 has had an economic impact on all walks of life and industry sectors, including private wealth and family-owned and closely-held businesses. Coupled with the uncertainty of what might happen in the upcoming national elections, tax planning presents significant challenges at this time. There’s
Read More...
The Internal Revenue Service issued an official notice back in May, which allowed employers anticipating a refundable credit for qualified sick and family leave or for employee retention to reduce their employment tax deposits throughout the tax period up to the amount of the credit. Some employers, however, have recently received IRS notices stating they
Read More...