What’s the story behind estimated taxes?
The IRS requires taxpayers to pay their taxes for a given year in that year. For taxpayers who are employees of companies, their employers must withhold income tax from each …
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 …
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 …
Disaster Relief Payments: A Simple Way To Help Employees
When the COVID-19 pandemic was declared a national emergency earlier this year, it triggered Section 139 of the Internal Revenue Code. Under Section 139, employers can provide tax-free payments or …