All businesses, whether large or small, produce an array of records. Maintaining and retaining these records is more than a matter of keeping items in case they are needed for reference or if a business is audited in the future. Knowing how long to keep accounting and financial records for
Are you still waiting for your 2020 Individual Tax Refund? You may have to get in line. The IRS’s backlog of unprocessed individual and business tax returns has grown to more than 35MM, notes a report from the national taxpayer advocate published this week and shared by the Washington Post.
With the sunsetting of QuickBooks 2018 desktop edition on May 31, 2021, several of our clients received an alarming message from QuickBooks notifying them that their software was being discontinued. This message was a bit misleading, and we want to bring some clarity to the situation. Effective May 31, Intuit
The IRS issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2021, Notice 2021-2 provides that the standard mileage rates for the use of a car (also vans, pickups, or panel
Form 1099-NEC (Non-Employee Compensation) Replaces 1099-MISC for Reporting Payments to Non-Employees
Businesses Beware: Despite COVID-19, the Internal Revenue Service is moving forward with changing the reporting requirements of Form 1099-MISC box 7, “Non-Employee Compensation” requiring reporting instead on Form 1099-NEC, effective for 2020. Although Form 1099-NEC is straightforward, Box 1 is for reporting Non-Employee Compensation, many businesses will now be required
We expect 2020 to be one of the most crucial years for tax planning due to the COVID pandemic in addition to the unusual fluctuations in business income, expenses and payroll. The material tax implications that will arise from PPP and EIDL loans and the many changes to the tax
The Internal Revenue Service (IRS) is intensifying efforts to thwart identity theft. We have seen a recent increase in the volume of IRS notices mailed …