2020 Year-End Tax Planning for Businesses

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…

Read article

2020 Year-End Tax Planning for Individuals

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…

Read article

IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility

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…

Read article

IRS Launches New Form Replacing 1099-MISC for Contractors

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…

Read article