If your trade or business made payments in 2022, you are most likely required to file information returns to the IRS (Forms 1099-NEC, 1099-MISC, etc.) by January 31, 2023. Keep in mind that common types of business expenses, such as rent and professional fees may be subject to reporting.
The new lease accounting standard is effective for fiscal years beginning after December 15, 2021 for nonpublic organizations; so it’s essential that businesses start planning now if you haven’t already.
Eligible small businesses can receive a tax credit of 50% of qualifying expenses up to a maximum of $25,000 in tax credits on qualifying expenses of $50,000.
With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could increase corporate tax rates plus the top rates on both business owners’ ordinary income and capital gain starting next year.
Issuing 1099s can be a hassle for small businesses. The recent shift to Form 1099-NEC makes it especially important to test your knowledge ahead of 2021 tax filing deadlines.
In BST's tax newsletter: RSM Tax Insights, Lockdown on Federal Tax Proposals for Individuals and Businesses, Tax Consequences of Offering Innovative Benefits, How are Traditional IRA Withdrawals Taxed, What's and IP PIN and Should You Have One for Protection, Learn the Tax Score for Fantasy Sports.
BST's tax newsletter. In this issue: IRS Clarifies Rules on Excess Compensation Tax, Tax Implications of Taking 529 College Savings Plan Withdrawals, Refresher on the Home-Sale Gain Exclusion Tax Break, Following Up on Coronavirus-Related Distributions from IRAs, and 20 FAQs About RMDs.
Launched nearly a decade ago, the Identity Protection (“IP”) PIN program purpose was to allow confirmed identity theft victims to obtain a PIN from the IRS, which is then necessary to electronically file a federal tax return. Beginning in 2021, the IRS expanded the program to make it available to all taxpayers in an effort to prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information.
BST's tax newsletter. In this issue: Finally...Some Good News, IRS Update, Reap Tax Rewards from Securities Harvest This Fall, Material Participation Standard is the Key to Unlocking LLC Tax Losses, Vacation Home Usage Has Tax Implications, 4 Tax-Saving Credits for Families.
On April 19, 2021, through the enactment of the 2021-2022 Budget Bill, New York State created new Article 24-A of N.Y. Tax Law, which establishes a new elective Pass-Through Entity Tax (PTET) that applies to partnerships, LLCs (taxed as partnerships), and S corporations.
The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that "roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required."
