Converting to an S-Corp — The QBI Deduction Complicates the Choice
The decision to be an S-corporation might be a bad thing for the overall tax picture of a small business right now, in light of the qualified business income deduction. Like everything with taxes, “it...
View ArticleHow to Fill Out Form W-9 (Most 1-Person LLCs Are Probably Doing it Wrong!)
This post is part of a larger presentation I give on the topic of Form 1099-MISC and related topics. Form W-9 is one of those “related topics.” Form W-9 comes into play when a business pays a...
View ArticleDo I Have to Issue 1099s for “Business to Business Transactions”?
(NOTE: I have been terrible about writing posts this year; I am finally back at a point of being able to blog again, so you’ll see posts more often from me. And if this post is any indication, I have...
View ArticleDo I Have to Issue 1099s for “Business to Business Transactions”?
(NOTE: I have been terrible about writing posts this year; I am finally back at a point of being able to blog again, so you’ll see posts more often from me. And if this post is any indication, I have...
View ArticleSole Proprietors and PPP Loan Forgiveness: Beware
Last week I wrote about how loan forgiveness for the solo sole proprietor will work. I had to strike through a lot of my thoughts as new information came in. So now, a week later, what do we know? The...
View ArticleSole Proprietors, PPP Loans and Home Office Expenses
The August 27th Interim Final Rules seem to allow a sole proprietor to include home-office expenses toward loan forgiveness. This is in direct contradiction to the April 14th IFRs which say home-based...
View ArticleRevisiting W-9s, 1-Person LLCs and EINs
I wanted to revisit the subject of 1-person LLCs and employer identification numbers. Here are the basics, when a 1-person LLC is taxed as a sole proprietorship: The IRS says to put the proprietor’s...
View ArticleSUTA and the Single-Member LLC
This blog post is specific to Iowa. SUTA = state unemployment tax. In Iowa, when a 1-person LLC makes an election to be taxed as an S-corporation and pay the owner a salary, the salary is NOT...
View ArticleERC and Supply Chain Disruptions
On Friday, July 21, the IRS release a Chief Council Memorandum on the subject of whether or not a business qualifies for the employee retention credit (ERC) based on supply chain disruptions. Here is a...
View ArticleE-mailing 1099s (And W-2s) to Recipients
It’s that time of year when people will start receiving 1099s and W-2s. I received one on January 4th, so the season really has begun. If you’re an employer wanting to send a 1099 or W-2...
View ArticleBeneficial Ownership Reporting and the Tax Practitioner
Let’s talk about beneficial owner reporting. This is a tricky subject for any tax pro to talk about. We are the ones who are on the front lines of telling clients about this, yet we cannot actually do...
View ArticleWhat’s Going on with Form 1099-K?
In November, the IRS announced this it was pushing back the changes to Form 1099-K reporting rules again. Let’s examine. What is Form 1099-K? Form 1099-K is issued by third-party settlement...
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