As the world continues to contend with the COVID-19 pandemic and its economic fallout, businesses are doing all they can to mitigate risks and plan for a recovery that’s anything but certain. The tax function plays a critical role in navigating recovery and positioning businesses to emerge from this crisis more resilient than before. Effective…
As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under the…
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the contents and significance of the two releases in an article…
Greg Whicker discusses required minimum distributions (RMDs) and why they are important to understand.
Tax Manager, Sam Leverett, speaks with Mike Dalman on how McGuire Sponsel can help BGBC’s clients. McGuire Sponsel is a national specialty tax consulting firm specializing in R&D tax credits, cost segregation and export tax incentives.
Operating a small business is an exhilarating and, at times, overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the nuts and bolts of your organization’s finances – especially if you didn’t start out as a “numbers person.” Whether you’re the one who is assembling your financial…
If you can’t pay your tax obligations with the IRS, it is important to go ahead and get the tax return filed and then work with the Internal Revenue Service in order to set up a payment plan. The IRS’ Fresh Start Program allows taxpayers with balances of less than $25,000 to set up a…
WageFiling, LLC recently announced a change to the way non-employee compensation is reported. Up until now, businesses have used Form 1099-MISC to report calendar-year payments that have exceeded $600 to non-employees who performed business services. This includes independent contractors, freelancers, and consultants. The new Form 1099-NEC will be used to report payments made to non-employees who…