The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year.
RSM speaks with InnFACT Advisors about what the hotel market looks like in the current pandemic environment. Read the interview here.
While we haven't had a lot of legislation in the last few months, we've had a lot of guidance come out from the IRS and the SBA, particularly surrounding PPP funds. So where are we? View PBMares' recent webinar, "The Latest on PPP: Forgiveness Application and Legislative Update", and stay up to date.
The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.
As your company grows, the need for greater experience and more sophistication in accounting and finance will also grow.
2020 has been a year of transformation, challenge, and opportunity.
Rev. Proc. 2020-45 provides annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations. (authored by RSM US LLP)
NEW FORM 1099-NEC: The PATH Act accelerated the due date for filing Form 1099 that included nonemployee compensation (NEC) to January 31, and Treasury Regulations eliminated the automatic 30-day extension of time to file for forms that included NEC.
A new but perhaps little-known law in the State of Virginia requires that all employers, labor organizations, and hiring halls report information about newly hired independent contractors to the state’s New Hire Center.
As the COVID-19 pandemic continues with no real end in sight the performance of traditional on-site audits by DCAA becomes a significant safety issue.