In today’s world, workers in the gig economy and freelancing are more common than ever. However, are you really on the hook for paying taxes when you deliver a few pizzas on a Friday night? Do you have an obligation to file and report the income if you are...
While your e-commerce business might feel different from a traditional brick and mortar business, the law and IRS will treat you in much the same manner. In fact, you might have additional regulations that you are subject to. E-commerce businesses should work with a tax professional to make sure...
The American Rescue Plan brought many different changes to businesses, and one of the things that is changing is the Form 1099-K reporting threshold for third-party settlement organizations. The old rule, which remained the rule for the 2020 and 2021 tax years, centered around a $20,000 minimum per 200...
There are many differences between the tax situations that international businesses can anticipate in other countries and what they can expect when operating in the United States. One of the important things that they must understand is sales and use tax. US sales and use tax is different than...
Recognizing that the current tax season continues to be a tough time for many people due to the unusual circumstances related to the COVID pandemic, the IRS announced last week that the tax deadline for individual taxpayers was automatically extended from April 15, 2021 to May 17, 2021. This...
Maryland announced yesterday an extension of the tax income filing deadline for individuals, pass-through entities, fiduciary, and corporate income tax returns that would have been due March 15 or April 15, 2021. This extension also includes the deadline for the first and second quarter estimated payments that are now...
Particularly if you are a sole proprietor or just starting out, it’s tempting to keep your personal and business accounts together. After all, when you’re regularly moving cash from one to the other, it’s most convenient to do that within the same bank account instead of across two accounts....
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the CA Act). The CA Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act”. Below is a summary of some of the major tax provisions...
Failure to pay business taxes punctually or accurately is usually due to inadequate preparation. The following daily, weekly, and monthly tasks will help you keep your finances in order and avoid paying tax penalties: Daily Accounting Responsibilities 1. Check Account Balances Check your business bank account and credit card...
Development projects are large, complex undertakings that often require the input of dozens, if not hundreds of people in a variety of roles from construction managers and architects to attorneys and compliance staff to ensure that your project runs smoothly and profitably. One of the most important and, crucially,...
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