SJG Blog
Business, Medical, and Moving Standard Mileage Rates Decrease for 2021
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
2020 Will Be a Crucial Year for Tax Planning
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
No One is Home at the IRS
Thirty days after this year’s July 15 income tax filing deadline the IRS began issuing automatically generated notices of past due balances including penalties and interest. The practice of distributing these notices is not new for the IRS – they send these to delinquent taxpayers every year – but what
It’s Not A Scam: IRS Identity Verification Notices 5071C and 4883C
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 to individual taxpayers requesting identity verification in order to process income tax returns, issue a refund or apply an overpayment to next year’s estimated tax.
Not Quite a Yellow Brick Road – Promising Business Opportunities are Appearing on the Horizon
While so many have suffered horrible unforeseen tragedies and continue to struggle as a result of COVID-19, there is optimism on the horizon for many business owners both new and seasoned as states and businesses are beginning to re-open: Merger and Acquisition activity is beginning to pick up as organizations
Featured Posts
No One is Home at the IRS
Thirty days after this year’s July 15 income tax filing deadline the IRS began issuing automatically generated notices of past due balances including penalties and …
It’s Not A Scam: IRS Identity Verification Notices 5071C and 4883C
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 …
