Applying ASC 606 in Construction
In simple terms, if you’re in the business of entering contracts to deliver goods or services to customers, you’re affected by the FASB’s ASC 606, which provides guidance in recognizing …
Subcontractor vs. Independent Consultant vs. Employee
We often hear our clients or other government contractors use “subcontractor” and “independent consultant” interchangeably; however, they are not synonymous. sometimes we hear independent consultants being referred to as “1099s,” …
The New Business Interest Expense Rules
The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses amended by the CARES Act of 2020. The 2017 tax overhaul …
Overwhelmed by Financial Duties?
Your small but growing company is ready for the next level: you’ve built a strong customer base and you are diversifying your markets and revenue sources. Now it’s time to …
Filing Responsibilities With Income or Loss From Business
Even if you’re doing a little freelance work from a home office, you’re technically running a business and have some new tax responsibilities that you didn’t have working entirely for …
What Are the Rules on Hazard Pay?
The U.S. Department of Labor defines hazard pay as “additional pay for performing a hazardous duty or work involving physical hardship.” Per the DOL, physical hardship is a work duty …