A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package.
However, there are some lesser-known changes that you might not know about. Specifically, the disaster-related provisions of the Taxpayer Certainty and Disaster Tax Relief Act provide valuable relief to taxpayers affected by federally declared disasters that happened between January 1, 2018, and January 19, 2020.Read more
IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction.
Though designed to help IRS examiners prepare for audits, ATGs are available to the public. So, small business taxpayers can review them, too — and gain valuable insights into issues that might surface during audits. Read more
Mobile apps and online platforms have revolutionized the way many businesses offer services to consumers. Examples of the so-called “Gig” economy are widespread – from ride sharing and vacation rentals to on-demand housekeeping and legal advice. If you decide to jump on the sharing economy bandwagon, it’s important to understand the tax rules for recognizing income, making estimated payments and deducting legitimate business expenses.
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may be considered part of the “gig economy” or the “sharing economy.”
Participation in this emerging method of distributing services can be a good way to earn money in your down time, pursue a more flexible lifestyle and provide cash to offset the expenses associated with owning a vehicle or a home. The IRS recently offered some guidance for this rising trend. Here’s a summary of the key points. Read more
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are running out of time to implement the new revenue recognition rules. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that implemented the changes in 2018. Read more