Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a tax shelter, to obtain automatic consent to change to simplified methods of accounting, i.e., cash […]
The payroll tax deferral could initially give employees more money in their paychecks, but it comes with a cost. Here’s what you and they need to know. When is the payroll tax holiday? The holiday will start on September 1, […]
Real estate agents are independent contractors. But, what about their staff and team members? One of the first tests the IRS uses to determine independent contractor status is whether the job is part- or full-time. Full-time will automatically be assumed […]
Parsonage Allowances U.S District Court found that the non-taxability of parsonage allowances was unconstitutional in the case of Gaylor v. Mnuchin. This decision was overturned by the Seventh Circuit Court on March 15, 2019, which found that the provision (Code […]
It’s hard for nonprofit executives to put a price on an audit, for good reason. They are difficult to conduct due to several factors, including the auditor’s time to complete the task, the amount of risk an auditor must assume, […]