Minnesota passed a bipartisan tax and bonding bill recently that included full conformity for all Section 179 expensing for tax years beginning in 2020. Additionally, the bill included retroactive Section 179 conformity to 2018 for assets acquired in a like-kind exchange.
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), also known as tax reform. This legislation made some of the most significant changes to the federal tax code since 1986.
The filing of 2020 1099 forms will be a bit different compared to years prior. The 1099-MISC Form has historically been used to report payments, including nonemployee compensation, rents, and other income, to the IRS.
On November 5, 2020 we held a free webinar discussing the impacts of recent tax bills and how they can provide businesses with many tax savings opportunities. We are living in a highly unpredictable time period and our tax laws are changing rapidly.
Company value is a question on many business owners’ minds. Whether you are considering selling a business or purchasing one, it is crucial to know what your company may be worth.
COVID-19 has presented various challenges for professional services firms in 2020, unlike anyone could have foreseen. We understand the professional services industry since we are part of it ourselves.