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  • New IRS Rules for Reporting Non-Employee Compensation

    On July 6, 2020, the IRS issued Tax Tip 2020-80 to remind business taxpayers that, commencing with payments made in 2020, they must report any payments of over $600 per year for services by non-employees on Form 1099-NEC (for Non-Employee Compensation), a form last used by the IRS in 1982. Box 7 of the pre-2020 FormMore

  • McGlinchey Launches Podcast That Brings You “More”

    McGlinchey Stafford is pleased to announce the launch of its podcast, “More With McGlinchey,” available now where you listen to podcasts. “We know our clients look to us to cut through the noise in distilling the issues that matter to them,” said Rudy Aguilar, McGlinchey’s Managing Member. “We’re committed to providing information where our audienceMore

  • IRS Proposes New Like-Kind Exchange Regulations

    The 2017 Tax Cut and Jobs Act (TCJA) limited like-kind exchanges occurring after 2017 to “real property held for productive use in a trade or business or investment if such real property is exchanged for real property of a like kind …” Taxpayers can no longer defer gain on the exchange of personal property orMore

  • Is 1099-C Required for Lenders on Forgiven PPP, EIDL Funds?

    To address the adverse economic consequences to businesses and employees caused by the coronavirus, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was enacted. It amends Section 7 of the Small Business Act to provide a new type of loan to small businesses. This is the Paycheck Protection Program (PPP) loan (SectionMore

  • CARES Act Updates Tax Act’s Depreciation Period – Act Fast

    Before the enactment of the 2017 Tax Cuts and Jobs Act (TCJA), qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property had a 15-year recovery period for depreciation purposes. For property placed in service after December 31, 2017, the TCJA eliminated the separate definitions of qualified leasehold improvement property, qualified restaurant property,More

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