Instead of hiring a tax lawyer to help him fight the IRS, Matthew Banks decided that a simple Google search is good as a tax law degree! The US Tax Court disagrees and kicked out his appeal when the IRS denied his requested offer in compromise. In Banks v Commissioner...
NEW TAX LAW PROVIDES A VARIETY OF TAX BREAKS TO BUSINESSES AND EMPLOYERS While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further...
2020 Instructions for Forms 1099-MISC and 1099-NEC Miscellaneous Income and Nonemployee Compensation The IRS has released the 2020 Instructions for Forms 1099-MISC (Miscellaneous Income) and 1099-NEC (Nonemployee Compensation). The 2020 Form 1099-MISC and Form...
After months of delay, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed by President Trump on Friday, December 20, 2019. The Act, which was attached to a bipartisan fiscal year 2020 appropriations bill, will go into effect on January...
WAYFAIR REVISITED — IT’S TIME TO REVIEW YOUR SALES TAX OBLIGATIONS In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today,...
IRS Keeps Attacking Virtual Currencies it appears that a sure way to be audited by the IRS is to have virtual currency transactions. I have been saying for many years, since I first learned about Bitcoin, that it is a commodity not a currency and therefore is subject...
SMALL BUSINESSES: IT MAY NOT BE NOT TOO LATE TO CUT YOUR 2019 TAXES Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. If you wait until next year when your tax return is being prepared, it’s too late! You still...
SMALL BUSINESSES: GET READY FOR YOUR 1099-MISC REPORTING REQUIREMENTS A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to...
2020 Q1 TAX CALENDAR: KEY DEADLINES FOR BUSINESSES AND OTHER EMPLOYERS Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional...