Form 1099-NEC Officially Replaces 1099-MISC for Reporting Payments to Nonemployees

Ferrone & Associates CPAsBlog

In case you haven’t heard, there’s a new tax form on the block for business filers for the 2020 tax year. Form 1099-NEC, Nonemployee Compensation, will be used instead of Form 1099-MISC to report amounts paid by businesses to independent contractors and others who provide services. In actuality, the new Form 1099-NEC isn’t entirely “new.” It’s an updated version of … Read More

Emphasis on Divorce Negotiations: a message from a CPA

Ferrone & Associates CPAsBlog

I would encourage anyone involved in a divorce to have their CPA involved in the divorce negotiations. Our recent article about the divorce process includes 8 tax factors to be considered. These are good factors to be aware of and they are seldom included in a divorce decree.  It is important to have a CPA during tax negotiations because these … Read More

How working from home may change your taxes

Ferrone & Associates CPAsBlog

A large percentage of the workforce is now working from home, and company offices may be a thing of the past.  For companies that have gone remote, a new development of work-from-home is state tax nexus. Working in one municipality and living in another is nothing new. But now a large chunk of the workforce is working in one state … Read More

IRS UPDATE: 2nd QUARTERLY ESTIMATED TAX PAYMENT POSTPONED

Marci RomneyBlog

On March 21, the IRS officially announced that it was extending the deadline for filing 2019 tax returns and paying any required tax from April 15 to July 15, along with the due date for the first quarterly installment of estimated tax for 2020. But it didn’t say anything about the second quarter, until now.  The IRS is setting the … Read More