You’re not alone if you have considered shuttering your business recently, The pandemic has placed a huge strain on businesses in certain industries, and many business owners who were just holding on before the crisis are having to face life-changing decisions.  If you do decide to close your business, there are many considerations. Here are […]

If you are paid a salary and receive a W-2 from your employer, part of your paycheck goes to Uncle Sam as federal withholding. These are payments toward your taxes. If you earn additional income beyond your salaried income, if you are under-withheld, or if you have your own business, you may need to make […]

If you have a business with independent contractors, it is important to be aware of a recent reporting change that the IRS has implemented. Starting with the 2020 tax year, businesses must report nonemployee compensation (NEC) on Form 1099-NEC instead of Form 1099-MISC. You may be surprised to learn that this is not a new […]

ABLE (Achieving a Better Life Experience) accounts are for eligible individuals with a disability – they are tax-favored savings accounts to which contributions can be made to help pay for qualified disability expenses. The IRS recently released final regulations providing guidance related to various issues surrounding the requirements for 529A ABLE accounts. ABLE accounts were […]

On September 30, 2020, IRS released final regulations providing guidance related to the deductibility of meals and entertainment expenses under Section 274 of the Internal Revenue Code. These final regulations clarify several areas of Section 274 that were impacted by changes under the 2017 Tax Cuts and Jobs Act (TCJA). Except for a few small […]