Beware of IRS Penalties related to Form 1099-MISC that are getting larger each year

| Alerding Alerts

Form 1099-MISC is required for payments, during the ordinary course of business for services and rent paid in the amount of $600 or more, to noncorporate payees or any payments to attorneys of $600 or more. Form 1099-INT is required for interest payments of $10 or more. If you paid Alerding CPA Group $600 or more in 2019, you have at least one 1099 to file. This requirement is for all businesses, even sole proprietors, filing Schedule C or reporting rental income Schedule E. Exceptions - If you Read more [...]

4 new law changes that may affect your retirement plan

| Tax Briefs

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions is repealed. Before 2020, traditional IRA contributions weren’t allowed once you reached age 70½. Starting in 2020, an individual of any age can make contributions Read more [...]

Tax Provisions Extended Retroactively

| Alerding Alerts

On Friday, December 20, 2019, the President signed the Further Consolidated Appropriations Act, 2020 which extends several tax provisions related to expiring or expired tax provisions. In addition, the Secure Act, (Setting Every Community Up for Retirement Enhancement) spending package makes major changes to 401(k) plans and IRAs which mostly take effect on January 1, 2020. EXTENDERS Tax extenders are tax provisions that have already expired or were set to expire by year-end.  The Act revives Read more [...]

New law provides a variety of tax breaks to businesses and employers

| Tax Briefs

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired. Two other laws were passed as part of the law (The Taxpayer Certainty Read more [...]