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tax
Challenges faced by Restaurants in the US amidst the COVID-19 Pandemic and the relevant Tax Compliances to Consider
The food and Hospitality industry has undergone the most atrocious times during the strike of the COVID-19. Everyone considered these business sectors as one of the most booming areas worldwide. The United States is one of the countries in particular, where people are frequent visitors to restaurants and café throughout the week. Unfortunately, the Corona
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Avail Additional Tax Credit for 2020 with the Economic Impact Payment Notice 1444
The US Government has established many beneficial initiatives to uplift the American Citizens suffering as a result of the COVID-19 Pandemic. Most schemes fall under the purview of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted this year. One such essential program is that of the Economic Impact Payments. Under the program,
tax
What does the Revived Form 1099-NEC entail for Taxpayers in 2020?
The Internal Revenue Services officially released the Form 1099-NEC in December 2019. After a hiatus of about 38 years, this Form has been reinstated from the tax year 2020. The revamped Form substitutes the Box 7 of Form 1099-MISC. It is to be used for declaring Non-Employee Compensation, as the acronym NEC denotes. Form 1099-NEC
tax
8 Smart Tax Preparation Tips for Businesses
When it comes to tax preparation for your clients, things seem to be overwhelming because of the need to handle so many accounts. Apart from the lack of information about the latest regulations, finding time for tax preparation for all your clients can be a challenge while managing your day-to-day operations. You will require some
tax
5 Common Mistakes You Dont Want to Make this Tax Season
Tax season is a troublesome time for accountants. In fact, the tax season is full of activity and the busiest time of the year for accounting firms in the USA. Activities like tax filing should be completed so that tax returns can be submitted on time. During the tax season, CPAs need to collect tax