Form 1099-NEC – What Is It?

If you have a business with independent contractors, it is important to be aware of a recent reporting change that the IRS has implemented. Starting with the 2020 tax year, businesses must report nonemployee compensation (NEC) on Form 1099-NEC instead of Form 1099-MISC. You may be surprised to learn that this is not a new […]

ABLE Accounts – Final Regulations

ABLE (Achieving a Better Life Experience) accounts are for eligible individuals with a disability – they are tax-favored savings accounts to which contributions can be made to help pay for qualified disability expenses. The IRS recently released final regulations providing guidance related to various issues surrounding the requirements for 529A ABLE accounts. ABLE accounts were […]

Meals and Entertainment Expenses – Final Regulations

On September 30, 2020, IRS released final regulations providing guidance related to the deductibility of meals and entertainment expenses under Section 274 of the Internal Revenue Code. These final regulations clarify several areas of Section 274 that were impacted by changes under the 2017 Tax Cuts and Jobs Act (TCJA). Except for a few small […]

Section 139: Qualified Disaster Payments

At this point, most people have heard about relief measures the government has enacted in the wake of Covid-19, but there remains one opportunity to harvest that has had little discussion surrounding it—Section 139 Qualified Disaster Payments.  Background  Section 139 of the Internal Revenue Code was established as a response to the terrorist attacks on […]