This year, the IRS has mandated e-filing 1099s if you have 10 or more. The natural way to do this is with the IRS's new IRIS system, which has a built-in web interface to file them. Doing this is very straightforward at times and complete guess-work at others.
The first step is to get authorized to use IRIS. To do this, you apply at the TCC portal. You'll have to sign in with your ID.me account, meaning creating an account if you don't already have one. This can be a bit of a challenge f...
As an estate planning attorney, I know that one of the most important things to do as you get older is to give someone you trust power of attorney. Even simple financial tasks can become rather complicated with age (and the limited mobility that comes with it). Typically our elderly clients will name one their kids as their agent to let the child help manage their finances for them. We draft these as broad as possible, so as to not tie the hands of someone trying to help, and they include author...
The IRS has announced that Tax Day 2022 will be April 18, instead of the usual April 15. At first blush, you would think this is because of Good Friday obviously, the holiday celebrating Jesus' death for our sins. Other news sites are falsely reporting this as the reason. However, a little bit more thinking would give you pause. You would think, "Wait a minute, Good Friday isn't a federal holiday." Which is correct: it isn't. I've never gotten work off for Good Friday. So why would the IRS,...
The Tax Cuts and Jobs Act added 26 USC § 199A, which gives a 20% deduction for taxpayers' "qualified business income." This was intended to give small business owners a deduction to match the corporate tax cut. However, it does not apply to all small business owners, and reading the law and determining who qualifies can be quite confusing.
There are many nuances with this law involving earnings caps, business types, and other random things that you should go over with your accountant and/or...