Individuals and Businesses Need to File Form 8300 for Large Cash Transactions The Internal Revenue Service (IRS) has issued a reminder for individuals and businesses receiving more than $10,000 in…
…that gift. The value of the unpaid rent is considered a contribution of a non-financial asset and would result in revenue for the organization (offset by a rent expense). If…
…$600 or more for services used in a trade or business during calendar year 2020 File Form 1096 and Forms 1099-NEC, Copy A, with the Internal Revenue Service Attorneys’ fees…
…issue resulting from the Act is the nearly $80 billion in funds appropriated to the Internal Revenue Service. A growing concern is that these funds will be used to increase…
…We can help. Contact your Keiter Opportunity Advisor or Email | Call: 804.747.0000. Sources Internal Revenue Service, IR-2021-98, April 30, 2021 Internal Revenue Service, IR-2021-140, June 30, 2021 ThomsonReuters…
…revenue ranking. The IPA list categorizes the top 500 firms, with revenue figures for the Top 200 ranging from $52.4 million for the 101st rank to $25.1 million for the…
Update on RMDs under the provisions of the SECURE Act and SECURE Act 2.0 On April 16, 2024, the Internal Revenue Service (IRS) issued Notice 2024-35, which provides no penalties…
…generator, especially during COVID-19. Vacation rental platforms like Airbnb and VRBO have been instrumental in helping property owners easily market and rent their properties throughout the year. This growing revenue…
…to be aware of going forward. This major difference is related to the definition of eligible privately held companies. Previously, there was no EBITDA or revenue threshold for an eligible…
…the U.S. Internal Revenue Code from December 31, 2019, to December 31, 2020. As a result of the bill’s emergency clause, conformity is effective immediately. The complexities presented by federal…
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…