It’s Time to Process 1099 Forms!

It’s Time to Process 1099 Forms!

It’s January and the mandated 1099 filing season is upon us! If it wasn’t already complicated enough, now there are two 1099 forms that many business owners may have to file. What is Form 1099? In most cases, a 1099 is issued to report a payment over $600 made to a...
Update Responsible Party Information

Update Responsible Party Information

Are you a recently added responsible party for an organization, or more importantly, one who is no longer associated with the group? The Internal Revenue Service urges those entities with Employer Identification Numbers (EINs) to update their applications if there has...
Year-End Tax Planning with Uncertainty

Year-End Tax Planning with Uncertainty

It can be easy as an entrepreneur to get caught up in the day-to-day operations and not put much thought into tax planning. However, tax due dates are right around the corner, and it is important to get a head start on tax preparation so that you can continue pushing...
Countries Agree to Eliminate Digital Taxes

Countries Agree to Eliminate Digital Taxes

President Biden and his administration recently secured a compromise with some European countries about removing their digital tax services on certain large US companies by 2023 in transition to a new global tax deal. The countries that agreed to this were: the U.S.,...
Tax Court Rules S Corp Payouts Are Wages

Tax Court Rules S Corp Payouts Are Wages

Background To understand this issue regarding S Corporation payouts as wages, you must first understand the difference between an S corporation and a C corporation. In an S corporation, income passes to the shareholders who then pay taxes on their share of income on...

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