Advice

Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, 2020, meaning that in January 2021, organizations will file this new form. The 1099-NEC is straightforward: Box 1 is for non-employee compensation and Box 4 is
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The controls over the pseudonym program used by Internal Revenue Service employees to protect their identities could be improved, according to a recent report. The report, released last month by the Treasury Inspector General for Tax Administration, pointed out that the pseudonym program dates back to 1992, allowing IRS employees to use a fictitious name
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Sentence stayed; stealing on multiple levels; the loot you took; and other highlights of recent tax cases. Milaca, Minnesota: Preparer Cindy Halgren has been sentenced to up to 23 months in prison for preparing and filing fraudulent returns and failing to pay individual income tax. In March, Halgren pleaded guilty to 15 tax-related felonies consisting
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The digital services tax, or DST, is attractive not just to countries but also to smaller political subdivisions around the world. And the revenue shortfalls generated by the COVID-19 pandemic have made the attraction even more intense, according to George Salis, principal economist and tax policy advisor at Vertex. The DST was conceived as a
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The art of estate planning is affected by a number of variables that change over time. The currently low-interest-rate environment and the imminent return of a lower estate tax exemption are among the factors shaping estate planning today. A sale to an intentionally defective grantor trust is one vehicle which works well to transfer wealth
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