Tax Changes in 2021: Do you File Form 1099-MISC?
The Form 1099-MISC has been used in the past to report nonemployee compensation and other miscellaneous payments to recipients and the IRS. According to the IRS website, payers should file Form 1099-MISC for each person to whom you have paid during the year: At least $10 in royalties or
The SECURE Act of 2019 Could Change the way you Look at Estate Planning
The SECURE Act (Setting Every Community Up for Retirement Enhancement) of 2019 is poised to make big changes to estate planning. Money put into a retirement account with pre-tax dollars is not taxed until it is withdrawn from the account, the SECURE Act will reduce the time an inherited retirement
Virtual Currency Owners: Be on the Lookout for IRS Letters!
The IRS has started sending out educational letters to taxpayers with virtual currency transactions that have possibly failed to report income and pay the tax from the virtual currency transactions or did not report their transactions properly. There are three variations of the letter: Letter 6173, Letter 6174 and Letter
How to Cope With the New Meals and Entertainment Rules
There have been new tax rules put into place by Public Law 115-97, which is known as the Tax Cuts and Jobs Act (“TCJA”). These new tax laws have created a need for businesses to quickly address how they will need to account for their meals and entertainment expenses as
Ohio Tax Changes Could Affect Your Liability
On June 30, 2017, Ohio Governor John Kasich signed into law Ohio Am. Sub. H.B. 49 2018-2019 Budget Bill. The Bill contains a number of Ohio tax law changes that taxpayers and tax preparers need to be aware of. Some notable changes include: File Local Returns through the Ohio Business
Businesses Required to Collect Sales Tax for All States – A Proposal to Expand States Taxing Authority
Co-Author: Cheryl Ganim Congressman Jason Chaffetz and bipartisan lawmakers introduced on June 15, 2015, H.R. 2775, the Remote Transactions Parity Act (RTPA)[1]. Under the RTPA, streamlined sales and use tax agreement member states, (23 full-member states, including Ohio[2]), can collect taxes on sales from Internet and