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The dictionary defines the word “nexus” as a connection between two or more things. In taxes, it’s a key word that has a potentially big impact and state and local taxes. It’s easier to think of nexus as meaning “presence.” Nexus, or a business’s presence, in a state, is created by a variety of factors: […]
When you think about a nonprofit, the first thing that often comes to mind is that it is tax-exempt. Most nonprofits are not subject to federal, state, and local income tax. Does that mean nonprofits are completely free of ANY tax liability? The answer to this is likely no – there are still some taxes […]
You’re not alone if you have considered shuttering your business recently, The pandemic has placed a huge strain on businesses in certain industries, and many business owners who were just holding on before the crisis are having to face life-changing decisions. If you do decide to close your business, there are many considerations. Here are […]
If you are paid a salary and receive a W-2 from your employer, part of your paycheck goes to Uncle Sam as federal withholding. These are payments toward your taxes. If you earn additional income beyond your salaried income, if you are under-withheld, or if you have your own business, you may need to make […]
If you have a business with independent contractors, it is important to be aware of a recent reporting change that the IRS has implemented. Starting with the 2020 tax year, businesses must report nonemployee compensation (NEC) on Form 1099-NEC instead of Form 1099-MISC. You may be surprised to learn that this is not a new […]
