Deadline for filing 2023 forms 1099 is near but beware of important changes
New electronic filing requirements, revised form 1099-NEC and new form 15397 present addional challenges for 1099 filers that may necessitate updates
Monthly Archives
January 2024
Team Member Advancements
We are excited to formally announce the following advancements within the Firm!
From partnerships to side gigs, who really owes self-employment taxes?
Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
LLC liability: situations that could compromise your personal assets
Is your LLC really protecting your personal assets? Learn about the situations where an LLC may not fully safeguard your assets and discover practical measures to avoid them.
Understanding the Backdoor Roth IRA
Are you a high-income earner seeking ways to optimize your retirement savings? Get a full grasp of how the Backdoor Roth IRA can be an effective tool for you.
Tax framework agreement sets direction for potential business and individual tax relief
Section 174 expensing, a return to EBITDA for section 163(j), an extension of 100% bonus depreciation and disaster relief paid for by ending Employee Retention Credits (ERC)
IRS Opens ERC Voluntary Disclosure Program
If you’re a business owner who mistakenly claimed the Employee Retention Credit, find out how the new IRS Voluntary Disclosure Program can help you rectify the situation. Discover the eligibility criteria, benefits, and application process in our informative video.
The art of the practical: Adopting AI in a responsible way
Insights and best practices on how to navigate the intricate AI environment and drive enhanced growth and efficiency.
Maximizing your property’s potential: the Augusta Rule explained
Discover the tax benefits of the lesser-known Augusta Rule, where homeowners can enjoy tax-free income by renting out their properties for up to 14 days per year. Uncover how this can also serve as a unique tax strategy for business owners to claim deductions. Learn the eligibility criteria, potential pitfalls, and best practices to harness this opportunity.
New guidance on section 174 research expenditures
Notice 2024-12 clarifies rules regarding research performed under a contract while Rev. Proc. 2024-9 updates guidance on accounting method changes.