Congress Passes Tax Extenders

Congress just signed into law the "Protecting Americans from Tax Hikes Act of 2015" (PATH Act) which is good news for many taxpayers. The Act makes many long-favored tax extenders permanent. Some of these extenders include an enhanced child tax credit, the state and local general sales tax deduction, the ability to make tax-free charitable distributions from IRAs, the enhanced Section 179 deduction and many other provisions. The Act also modified and temporarily extended other provisions such as bonus depreciation through 2019. Certain provisions such as the deduction for qualified mortgage insurance premiums and the above-the-line deduction for qualified tuition were only extended for two y

Reporting Payments to Vendors and/or Third Parties

Does your business issue payments to third parties via check or cash for services, non-employee compensation, rent or other items? If so, you will want to make sure you comply with the annual reporting requirements outlined by the IRS or you risk losing the ability to deduct those payments as a business expense on your entity's tax return. This reporting requirement, often referred to as "1099 reporting", is an annual filing requirement for any entity or individual business owner. The IRS requires any payments of $600 or more made during the calendar year for rent, services, legal fees, commissions, prizes, awards, and non-employee compensation to be included on Form 1099. Please note that t

Recent Posts
Archive
Search By Tags
No tags yet.
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

© Copyright 2018, Cornerstone 360. All Rights Reserved

Cornerstone CPA Group, LLC

6420 West 95th Street Suite 202 
Overland Park, Kansas 66212

  • Facebook Social Icon
  • Twitter Social Icon

Main Phone: 913.381.8350 
Fax: 913.381.7589