The Richmond Market Just Became More Attractive

…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…

Using Payment Apps? Be Aware of 1099-K Reporting Changes

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…

IRS Warns of Coronavirus Related Tax Scams

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…

Congress Passes Second COVID-19 Relief Package

…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…

Overview of Tax Credits for Homeowners

…the installation of qualifying property, the cost used to calculate the credit is generally reduced by the amount of such subsidy/ credit/ rebate. The Internal Revenue Service (IRS) has started…


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