Update: IRS releases draft of new Form 1099-NECJuly 26, 2019

irs

Draft of Form 1099-NEC IRS has released a draft of a new form, Form 1099-NEC, Nonemployee Compensation, to report nonemployee compensation paid in 2020. Previously, nonemployee compensation was reported on Form 1099-MISC, Miscellaneous Income. Background.  If the following four conditions are met, a payor must generally report a payment to the IRS as nonemployee compensation …

The Investment Value of Fixed AssetsJuly 19, 2019

Investment Value

Contractors, take a look at your balance sheet. Your fixed assets—such as your property, plant and equipment—have been the basis of numerous tax law changes in recent years. They also provide an all-purpose planning tool for you as a business owner. While the new laws allow us to depreciate or write off equipment purchases sooner, …

Why Do People Change Accountants?July 8, 2019

switch accountant

You may not realize it, but a reliable accountant is one of the most important people in your life. Having an expert whom you can trust with your finances and, in turn, your future, enables you to make better decisions around taxes, assets, investments and business. It can take time to find this trusted advisor, …

Q2 2019 NewsletterJune 3, 2019

q2 2019 newsletter

The latest issue of the Curchin Newsletter is here! You can look forward to reading about hot topics in accounting/tax/audit, firm news, and more! In this issue: The Ins and Outs of the Section 199A Regulations, 2019 Economic Forecast for NJ Developers, Builders, Featured Employee: Edward Rigby, CPA. Read More

The Ins and Outs of the Section 199A RegulationsJune 3, 2019

199A Regulations

By: Edward Rigby, CPA In January the IRS finalized the regulations providing guidance on the Section 199A deduction for qualified business income (QBI). The final regulations retain the majority of the rules contained in the proposed regulations that were issued last August. They provide clarification on issues such as when businesses may be aggregated in …

Wages and Labor: What A/E/C Firms Need to Know Right NowApril 19, 2019

WagesLabor

New Jersey labor laws are seeing notable changes in 2019, many of which are significant for Architecture, Engineering & Construction (A/E/C) firms to consider. Developers, builders and general contractors are heavily reliant on skilled labor while simultaneously tasked with balancing employee wages, retention and profitability. If you own an A/E/C firm—or any business with employees, …

2019 Economic Forecast for NJ Developers, BuildersMarch 7, 2019

EconomicForecast

Real estate developers and builders are strongly affected by economic conditions. As one of the only NJ accounting firms with a practice dedicated entirely to A/E/C accounting, The Curchin Group closely follows national and regional housing trends to help developers, builders, general contractors, architects and engineers make informed financial decisions and overcome the unique challenges …

Navigating the Qualified Business Income DeductionDecember 26, 2018

The Tax Cuts and Jobs Act of 2017 brought a potentially significant tax break—some say the largest in decades—for small business owners in Section 199A. The IRS states: “Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship …