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January 8, 2022

Individuals and small businesses that work as contractors should take notice of recent changes to Form 1099-K, which will sizably increase reporting on self-employment income to the IRS, beginning in 2022. READ MORE

November 18, 2021

Earlier this year, in an effort to revitalize the restaurant industry, which was deeply-impacted by COVID-19, the Congress passed a law temporarily increasing the amount deductible for business expenses incurred at restaurants. READ MORE

June 25, 2021

A small, powerful provision was tucked into the CARES Act and extended until January 1, 2026 in December of last year. ‘Educational assistance,’ an established and authorized benefit, was expanded to include employee student loan repayment. READ MORE

January 10, 2021

IRS form 1099-NEC, which stands for non-employee compensation, is the form to use this year for reporting payments of $600 or more to independent contractors. However, 1099-MISC, the form previously used to report contractor payments, still exists to report other kinds of payments, such as rents, prizes, awards, and other income. READ MORE

August 30, 2020

The IRS, acting pursuant to a Presidential Memorandum dated August 8, 2020, issued guidance last Friday on implementation of the deferral of employee Social Security taxes. The deferral period will be September 1-December 31, 2020. READ MORE

August 13, 2020

Small business owners are tasked with myriad responsibilities during the normal course of their operations. One of the most important—and stressful—of these tasks is tax preparation. Filing taxes distracts you from your other responsibilities, and the tax code is very difficult to decipher. READ MORE

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