2021 Tax Season Kick Off
The SJG team celebrated the start of the 2021 tax season pandemic style! In lieu of our traditional restaurant lunch outing, we opted to bring in lunch and decorated our conference room for the occasion.
Business, Medical, and Moving Standard Mileage Rates Decrease for 2021
The IRS issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2021, Notice 2021-2 provides that the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 56 cents
Business, Medical, and Moving Standard Mileage Rates Decrease for 2021 Read More »
Form 1099-NEC (Non-Employee Compensation) Replaces 1099-MISC for Reporting Payments to Non-Employees
Businesses Beware: Despite COVID-19, the Internal Revenue Service is moving forward with changing the reporting requirements of Form 1099-MISC box 7, “Non-Employee Compensation” requiring reporting instead on Form 1099-NEC, effective for 2020. Although Form 1099-NEC is straightforward, Box 1 is for reporting Non-Employee Compensation, many businesses will now be required to also file Form 1099-MISC
2020 Will Be a Crucial Year for Tax Planning
We expect 2020 to be one of the most crucial years for tax planning due to the COVID pandemic in addition to the unusual fluctuations in business income, expenses and payroll. The material tax implications that will arise from PPP and EIDL loans and the many changes to the tax law that were imbedded into
SJ Gorowitz Accounting & Tax Services, PC, Recognized as Best Of North Atlanta Award Winner, Best CPA Category
We are thrilled that our clients and friends have selected us, for the fourth year in a row, as Best of North Atlanta (BONA) winner in the category of Best CPA! Thank you to all who took the time to vote for us. It is a tremendous honor to be recognized in this manner. At
No One is Home at the IRS
Thirty days after this year’s July 15 income tax filing deadline the IRS began issuing automatically generated notices of past due balances including penalties and interest. The practice of distributing these notices is not new for the IRS – they send these to delinquent taxpayers every year – but what is new this year is
