Author name: WDCO Staff

It is important for business owners to be familiar with the differences between a W-2 and a 1099-NEC, between an employee and an independent contractor.  Understanding these differences can help prevent significant penalties, interest, back taxes, legal fees, and even jail time. The January 31, 2022 due date for filing these forms with the IRS …

W-2 Employees or 1099-NEC Contractors? What are the Pitfalls if you Misclassify? Read More »

As we assess the damage, rebuild, and recover from Hurricane Ida, Stephen Albert, CPA and Richard Tullier, CPA briefly explain the tax deduction available to individuals for casualty losses. Read further for a casualty loss summary. In general for insurance claims after hurricanes and other disasters: a casualty loss is determined by comparing any proceeds …

Casualty Loss Summary Read More »

Wegmann Dazet’s Victoria Tecchie reminds organizations to review their federal funding award requirements, which can change frequently. With CARES Act funding, you might be subject to a single audit without ever having had one before. Both dollar-level criteria and each federal award program’s own requirements can lead you to a Single Audit. These awards may …

COVID-Related Funding and a Single Audit – Are You Subject to One? Read More »

Both the IRS and the Louisiana Department of Revenue have issued tax updates for IDA relief: extensions for tax return and payment deadlines that were due starting on August 26, 2021. Wegmann Dazet is here to help, working in our offices and remotely to help with any questions you have.  We know many of our …

Federal and Louisiana IDA relief – Tax Extensions Read More »

  So you received the PPP funds you applied for… now what?  You need to determine how to account for the loan, and accounting standards impact financial statements differently. Wegmann Dazet’s Brandon Sekinger explains. As of August 8th, the Small Business Administration reported lending over $500 billion to over five million businesses across the U.S. …

So you received PPP funds…now what? Read More »

Rental Real Estate?  Residential landlords are now much more likely to be able to deduct most of their current expenditures. This discussion is intended to provide a road map for making the correct determinations and elections. https://www.thetaxadviser.com/issues/2019/apr/residential-real-estate-deductions-2018.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=23Apr2019

Check out this article from Forbes Magazine that will drive your focus going forward. https://www.forbes.com/sites/jamiehopkins/2019/02/20/2-ways-the-199a-deduction-has-changed-retirement-planning/#1d96a4211429

Zoom in on this article from our friends at BDO USA for great insight on 2019 tax strategies. 2019 Eight Key Tax Planning Opportunities

What to Expect from the IRS as the Government Shutdown Continues

How will the Supreme Court’s recent Wayfair decision affect the tech industry? Check out BDO’s sales tax primer unpacks new sales and use tax considerations for domestic and international tech companies. If you would like to discuss this further, feel free to connect with us at info@wd.cpa