Dec 15, 2020 | Business Planning, Tax News
When you sell a capital asset — property owned and used for personal or investment purposes, let’s say — the sale will result in either a capital gain or a capital loss. You report that gain or loss on Schedule D of Form 1040. The capital assets you’ll...
Dec 10, 2020 | Business Planning, Tax News
The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for...
Dec 10, 2020 | MCB Happenings
In the spirit of giving, this holiday season we are thinking of others in our community and recognizing the need that is so great at this time. In lieu of sending corporate gifts, we have asked our employees to name causes that are meaningful to them, and we have...
Dec 8, 2020 | Closely Held Business, Coronavirus Updates, Coronavirus Updates, Tax News
What can business owners do to reduce their taxes? Some need to make themselves aware of the various breaks available. Some of the benefits available to businesses for 2020 are the result of the 2017 Tax Cuts and Jobs Act (TCJA) and some were created by the...
