…qualified business in exchange for services provided to the business as an employee, officer, director, manager, or independent contractor within one year before or after the date of the investment….
…shared by other industries. Proper accounting in accordance with general accepted accounting principles (GAAP), is not only an effective way of managing your business, but also ensuring your contractor financial…
…or has received compensation from the qualified business in exchange for services provided to such business as an employee, officer, director, manager, independent contractor or otherwise in connection with or…
…credit, how to determine the applicable amount of the credit, and requirements. Contractor eligibility Eligible contractors must construct or substantially reconstruct and rehabilitate a qualified new energy efficient home located…
…are reported on Form 1099-NEC in Box 1. Form 1099-NEC is due to recipients and the IRS on January 31, 2023: Provide Form 1099-NEC to unincorporated independent contractors to whom…
…challenges for engineering and construction contractors. Not only is it important to understand the five-step process for determining how and when to recognize revenue, it is also important to be…
…certain state and local taxes, such as income/franchise tax and property tax, that may represent potential liability or exposure. Excerpt: Potential state and local tax considerations are often given only…
The CARES Act correction to Qualified Improvement Property: Considerations for commercial real estate holders With the passage of the CARES Act, a major drafting error of the Tax Cuts and…
…government. Digital assets also experience significant market volatility, with unpredictable and substantial market value swings of individual assets. These considerations preclude them from being considered cash or cash equivalents. In…
…to have no fair market value. Accounting considerations for nonprofit auction events Auctions include two different transactions that are accounted for separately. In the first transaction, the donor donates a…
…portion of the tax is being eliminated. We will continue to monitor new and changing Virginia and other states’ tax considerations that may impact you and your business. If you…
…thorough understanding of accounting standards, loss adjustments, insurance recoveries, and related transactions. This blog explores key considerations and best practices for accounting under these challenging circumstances. The financial impact of…