by Emily White | Jan 24, 2024 | Business Consulting, Manufacturing & Distribution, Strategic Financial & Outsourced Accounting, Tax Consulting, Tax Watch
There are several types of 1099 forms, such as 1099-NEC (Nonemployee Compensation payments to independent contractors) and 1099-Misc (Miscellaneous Income payments), used for reporting transactions that occurred during the previous tax year. These informational...
by Jeremy Tomlinson | Jan 9, 2024 | Tax Watch
As part of our commitment to keeping you informed, we’re providing a few vital updates from the IRS that may positively impact your tax situation. Update: IRS Announces New Penalty Relief Program In response to the challenges of the COVID-19 pandemic, the IRS...
by Dean Harkleroad | Dec 12, 2023 | Audit and Accounting, Employee Benefit Plans, Tax Watch
Congress passed the SECURE 2.0 Act as part of the Consolidated Appropriations Act (CAA) of 2023. It gets its name from the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which made numerous changes to IRAs, 401(k)s and other popular...
by Mike Smith, CPA, CHBC | Nov 28, 2023 | Fraud, Healthcare, International, Manufacturing & Distribution, Professional Services, Real Estate & Construction, Tax, Tax Consulting, Tax Watch
Executive Summary A new federal law will require small business entities to submit their beneficial owners’ identification documents to a federal database in 2024. Aimed at combatting global financial crime, the Corporate Transparency Act (CTA) will affect an...
by Laura Hartley | Nov 20, 2023 | Tax Watch
Fraud can have troublesome effects on not-for-profit organizations (NFPs). For-profit businesses, generally speaking, exist for the primary purpose of making money. They may rely on the quality of their goods or services to protect their operations, even if they have...
by DMJPS PLLC | Sep 20, 2023 | Tax Watch
On September 14, 2023, the IRS announced that it is halting new Employee Retention Credit (ERC) processing requests and will provide tougher review of the estimated 600,000 ERC applications currently in its queue due to the large number of fraudulent claims it has...
