By Scott Zickefoose, Tax Senior Manager IRS Notice 2020-32 provides guidance on allowable tax deductions relating to business expenses On April 30, 2020, the Internal Revenue Service (“IRS”) issued Notice…
…taxes on the profits from their legal marijuana business; however, Section 280E of the internal revenue Code imposes a severe tax hardship on these businesses. Overview of Section 280E Section…
…Each contacts you in specific ways and carries official identification (ID). Revenue agents – examinations (audits) Revenue officers – collections Special agents – criminal investigations Fuel inspectors Find out how…
…make the process more modern, streamlined, and efficient. According to Revenue Procedure 2023-12, the Form 8940 must be electronically filed exclusively as of April 4, 2023. The IRS had provided…
On March 18, 2020, The U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance to provide tax relief for Affected Taxpayers in response to the Coronavirus (COVID-19) pandemic. IRS…
…entities. There is some anticipation that integrating revenue from value-based arrangements will introduce complexity into compensation plans and revenue allocation among physicians, posing significant challenges in understanding and managing these…
…Cash Method of Accounting Businesses typically account for transactions under the accrual method or the cash method. Many businesses prefer the cash method since revenue is not taxed until collected…
…Therefore, taxpayers should be aware of the rules surrounding gain exclusion on primary residences under Internal Revenue Code Section 121. 3 tests to qualify for the primary residence gain exclusion…
Overview of IRS tax changes impacting families, executives and entrepreneurs On October 22, 2024, the Internal Revenue Service (IRS) announced the annual inflation adjustments for tax year 2025. Over 60…
…you have paid $600 or more for services used in a trade or business during calendar year 2022 File Form 1096 and Forms 1099-NEC, Copy A, with the Internal Revenue…
…State Tax Obligations During the COVID-19 times, nonprofit organizations may have had to retool their revenue generating activities due to state-mandated closures eliminating income from admissions to events, activities, traditional…
…the company and various joint ventures and development entities. Doug’s recent experience includes manufacturing, distribution and biotechnology companies with unique revenue cycles and recognition methods. He has numerous clients that…