2020 Year-End Business Reminders and Tax Filing Deadlines
…is due to recipients and the IRS on February 1, 2021 (since January 31 falls on a Sunday): Provide Form 1099-NEC to unincorporated independent contractors to whom you have paid…
…is due to recipients and the IRS on February 1, 2021 (since January 31 falls on a Sunday): Provide Form 1099-NEC to unincorporated independent contractors to whom you have paid…
…broker for a copy of the purchase agreement. The agreement should detail what property was acquired. For a newly constructed building, contact the contractor or local planning commission for building…
…need to file a Form 1099-NEC or 1099-MISC by businesses paying for services performed by an independent contractor or other similar payments from $600 to $1,000 for payments made after…
Is your construction company eligible for a small business taxpayer exception? Construction contractors should review their method of accounting to determine if a small business taxpayer exception may apply which…
…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….
…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…
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…
…$5,000 fine per event. Sponsor recognition that has no element of advertising is considered to have no fair market value. Accounting considerations for nonprofit auction events Auctions include two different…
…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…
…new tax landscape. Additional considerations to keep in mind While the reinstatement of 100% bonus depreciation is significant, eligibility depends on more than when an asset is placed in service….