Effectively managing your 1099 workforce requires strict adherence to IRS guidelines for independent contractors. Misclassifying employees as contractors can result in penalties that disrupt a business’s financial health. This guide
Read More
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
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
The Large Business and International (LB&I) division of the IRS recently announced a new compliance campaign targeting self-employed individuals in U.S. territories who underpay or fail to pay their self-employment
The Internal Revenue Service has released a new version of the 1040 income tax form for tax year 2019, Form 1040-SR, designed specifically with senior citizens in mind. Taxpayers born
The IRS recently changed the process under which it accepts requests for verification that it has received a filed FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR).
The IRS recently granted relief to certain U.S. persons who own stock in certain foreign corporations affected by the repeal of Internal Revenue Code Section 958(b)(4) under the Tax Cuts
The start of a new year also marks the start of a new tax season. Even when there aren’t any major tax overhauls at the federal or state level, there
Various dollar figures related to international tax are adjusted annually for cost-of-living increases. These adjustments reflect a measure of inflation that was revised by the Tax Cuts and Jobs Act
Are you required to file a 1099 tax form? As a general rule, you should issue a Form 1099-MISC to each person or unincorporated business to whom you have paid