New Virginia Taxpayer Changes
…Legislation was passed by the General Assembly and signed by the Governor which advances Virginia’s fixed date conformity to the Internal Revenue Code from December 31, 2018 to December 31,…
…Legislation was passed by the General Assembly and signed by the Governor which advances Virginia’s fixed date conformity to the Internal Revenue Code from December 31, 2018 to December 31,…
…selling or doing, the business may be subject to such taxes even if they just have revenue from customers in those states. For example, Washington’s threshold is just $100,000 in…
QCD tax strategies that support philanthropic goals The Internal Revenue Service (IRS) announced updates to retirement contribution limits for 2025. Included in these adjustments are updated limits to Qualified Charitable…
…a for-profit business located in the County; Having been in business for at least two years; Having annual gross revenues between $200,000 and $2 million; and Demonstrating a revenue loss…
…person’s home. The BPOL tax rates vary based on the business classification, with gross revenue typically determining the amount owed. There are state laws that can limit BPOL, but localities…
IRS extends $600 transaction threshold for 1099-K reporting On November 26, 2024, the Internal Revenue Service (IRS) issued Notice 2024-85 which provides transition relief and guidance for third-party settlement organizations…
…one that averages at least 30 hours per week and a FTEE is defined by referencing Internal Revenue Code Section 4980H. This specific code section defines full-time equivalent employee by…
…exchange; carries no customer accounts; and has annual revenue from securities transactions effected not on a national securities exchange of which it is a member of no more than $1,000….
By Gary G. Wallace, CPA, Managing Partner The Internal Revenue Service issued a warning reminding taxpayers to be aware of scams related to the CARES Act stimulus payments and other…
…to anticipate the demand with the qualifier of a 25% decline in revenue,” said Scott Zickefoose, a senior director for Henrico County-based accounting firm Keiter. “Fortunately, a lot of people…
…specified research and experimental (SRE) expenditures In September 2023, the Internal Revenue Service (IRS) issued Notice 2023-63, which announced the IRS’s intent to issue proposed regulations addressing items related to…
…the President’s signature, which is expected soon. Key Provisions in COVID-19 Relief Package This legislation overrides the Internal Revenue Service’s position on taxability of Paycheck Protection Program loan forgiveness and…