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Forms W-2, 1099-NEC and 1099-MISC Due Dates and Compliance Requirements
Happy New Year! As 2022 begins, it is time to begin preparing Forms W-2 and Forms 1099. 2021 Forms W-2 are due to employees and to the Social Security Administration (SSA) by January 31, 2022, regardless of whether you file using paper forms or electronically. You are required to file Forms W-2 when you […]
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Plan Ahead for the 3.8% Net Investment Income Tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, […]
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Should my Distressed Company Consider a Debt Restructuring?
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans. Restructuring vs. Chapter 11 Out-of-court debt restructuring is a process by which a public […]
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Rich Waigand Named One of Most Admired Business Leaders in STL!
Congratulations to one of our very own – Rich Waigand. He was recently featured in this month’s issue of Small Business Monthly as one of their Most Admired Business Leaders. Check out the article below and thanks to Rich for always being a leader at SFW Partners, LLC as well as in the St. Louis […]
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CARES Act Made Changes to Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about […]
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CARES Act Made Changes to Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about […]
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Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, […]
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Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, […]
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What to Do When the Audit Ends
Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately. In fact, failing to act on issues identified in an audit could threaten your organization’s long-term viability. Working […]
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Homebuyers: Can You Deduct Seller-Paid Points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying […]
