Form 1099 – NEC: What’s new? This is not a new form that has been introduced for the first time in the year 2020. This Form has been in use until 1982. It was from 1983, a consolidated form containing all… December 3, 2020
Employer Tax Credits Employer Tax Credits- GKM As businesses reel from the impact of COVID 19, both employers and employees face a crunch. The federal government, therefore, has provided some additional employer tax credits to ensure that employers… November 10, 2020
Data Security for Outsourced Accounting Teams Data security in Accounting For a business to run seamlessly in these challenging times, connectivity from anywhere anytime is a major requirement. Digital technology is transforming how businesses function, collaborate, compete, and engage with their… October 13, 2020
“Nexus” Implications In The Work from Home Scenario COVID 19 has turned the whole world around on its head. Requirements of social distancing, sanitization, and crowd minimization have led to a lot of companies continuing to practice work from home policies, even though… October 1, 2020
The Dirty Dozen Every year the IRS lists out the most aggressive scams of the year under its “Dirty Dozen” list. This list highlights various phishing and other scams that taxpayers might encounter. The current IRS list includes… September 15, 2020
Delayed Payment of Employer Taxes On Aug 8, 2020, President Trump signed a memorandum directing the Treasury to provide specific relief with reference to the social security withholding. For the purposes of the notice, all employers required to withhold and… September 9, 2020
More on the TCJA & Gift and Estate Tax The Tax Cuts & Jobs Act of December 2017 doubled the lifetime exclusions under the Gift and Estate tax to $11.4 Million (adjusted for inflation) in 2019. An individual’s estate comprises of the total net… September 4, 2020
Definition of US Person for Tax Purposes The US Government imposes income tax on all US persons regardless of whether they have earned their income working in the United States or a foreign country. In this context, especially for persons with international… August 14, 2020
International Tax Enforcement International Tax Enforcement is a complicated and often intricate process given the nature of tax laws and local enforcements across the world. FATCA was one step toward the related exchange of information to identify and… July 29, 2020
Tips to Maximize Efficiency with Remote Accounting Even before the advent of COVID-19, accounting firms had turned to remote accounting/cloud accounting to empower their staff to carry out tasks from virtually anywhere. The advent of the pandemic has hastened the technology adaptation… July 25, 2020
