ACCOUNTING METHOD CHANGES: CASH METHOD OF ACCOUNTING AND EXPENSING OF INVENTORY
Among the many significant changes made by the Tax Cuts & Jobs Act of 2017 (TCJA) were several accounting method changes available for qualifying businesses. Two key changes include the expansion of the availability of the cash method of accounting for tax purposes and the immediate expensing of certain inventory costs. Cash Method of Accounting […]
REMINDER! 1099S FOR NONEMPLOYEE COMPENSATION DUE JANUARY 31
While most 1099s aren’t due until February 29 (March 31, if you file them electronically), any Forms 1099-MISC for which Box 7, Nonemployee Compensation, is checked must be filed by January 31, regardless of whether you are filing on paper or electronically. You are required to issue a Form 1099-MISC for nonemployee compensation to any […]
