The option of portability when planning your estate could make a substantial difference come tax time, especially with today’s generous estate and gift tax exemption amounts. Should you consider this option when planning your estate? Prior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime… Read more

Any successful business will tell you that having excellent accounting is the secret ingredient to growing their business. Why? Because having access to the right financial information will drive better business decisions. Business owners need a clear picture of the economic health of their business and how they can leverage opportunities to overcome obstacles. We see… Read more

New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel the effects of the pandemic into the new year, additional relief programs and assistance are being offered at both the state and federal level. Below is a brief update on some of the programs to be aware of, highlighting… Read more

The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the following: Services performed by someone who is… Read more

With lifetime gift and estate tax exemptions at an all-time high in 2020, not as many taxpayers will be subject to federal gift taxes this year. However, that doesn’t mean you won’t have to file a gift tax return. Nontaxable Gifts There are a few scenarios that do not involve paying gift tax, but you… Read more