Business Tax Law
Claim Your 2020 and 2021 ERC Now (Yes, in 2022)
Submitted by Desmond Wealth Management, Inc. on August 17th, 2022You May Receive an IRS Form 1099-K This Year
Submitted by Desmond Wealth Management, Inc. on August 1st, 2022
Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can be unpleasant in some situations.
Alert: A Massive New FinCEN Filing Requirement Is Coming
Submitted by Desmond Wealth Management, Inc. on June 27th, 2022The Basics of Depreciation
Submitted by Desmond Wealth Management, Inc. on November 7th, 2021
Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal purposes, it’s not deductible.
However, if you use it in a business, you can deduct the full cost using regular depreciation, bonus depreciation, or IRC Section 179 expensing.
Small Businesses: Here’s How the U.S. Supreme Court Wayfair Decision Affects You
Submitted by Desmond Wealth Management, Inc. on September 7th, 2021
If you are a small business owner, chances are good you’re paying more attention to your accounts receivables and deliverables than to a three-year-old Supreme Court decision. However, knowing what happened in the Wayfair decision on June 21st of 2018 is important if you do a significant amount of business in states other than where you have a physical presence.