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

IRS Building in Washington

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 …

How to Make Your Seasonal Income Last Through the WinterJuly 10, 2019

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Business cooling off and heading into the off-season? Worried if you’ll pull through the long winter? Use these suggestions to stretch your seasonal income. Tourism is a major economic engine throughout the state, generating over $41 billion in 2016, with growth expected through 2021. This growth isn’t limited to the Jersey Shore, either. Passaic and Mercer Counties …

Why Do People Change Accountants?July 8, 2019

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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, …

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

199A Regulations Photo

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

Wages and Labor

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, …

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 …

Tax Reform and Your Vacation HomeJuly 27, 2018

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The Tax Cuts and Jobs Act of 2017 brought many changes to the treatment of vacation homes and second homes owned by high net worth individuals. An article published in Financial Advisor Magazine highlights key provisions with input from CPAs across the U.S., including Curchin’s Lynn Conover. “If the property is held out as a …