Fraudulent Tax Scams on the Rise – Here’s How to Protect Against Them
As the pandemic battered the economy in 2020, the Association of Certified Fraud Examiners predicted a rising tide of tax fraud scams that would escalate in 2021. As tax season heats up, that prediction is bearing out, and even savvy professionals aren’t immune. Here’s what you need to know, and
Updated Nonprofit Tax Guidance: Gifts-in-Kind and Donor Acknowledgement
Gifts-in-Kind and the Importance of Donor Acknowledgement of these gifts for Taxes Purposes Happy Holidays from the Barnes Dennig family to yours. As we are quickly approaching the end of 2020, it’s a good time to evaluate recent standards updates and implementation plans. While a lot of focus has been
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
How Transfer Pricing Can Make or Break your Tax Strategy
For multinational businesses, there is perhaps no greater source of confusion and frustration in the tax arena than transfer pricing. Transfer pricing is the arm’s length price charged for good and services between related parties. In cross- border transactions, establishing the correct transfer price is particularly critical because each country
Ohio Approves Centralized Filing System for Municipal Business Taxes
The Ohio Supreme Court has upheld the State Department of Taxation’s (DOT) ability to create a centralized filing and collection system for Ohio municipal business income taxes. This decision upholds 2014’s House Bill 5 and 2017’s House Bill 49. Municipalities challenged the Ohio General Assembly’s ability to authorize a centralized
2020 Year-End Tax Strategies | Innovative Ideas that Can Add Up to Big Savings
Learn more about year-end tax planning and other financial strategies from our Ask the Experts series on YouTube. 2020 has brought much uncertainty to our daily lives, but there’s no need to let that uncertainty carry over into 2021 – at least not from a tax perspective. Some smart