News

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

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 […]

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Casualty Loss Summary

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

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What to Know about Business Interruption Insurance!

Anita Zimmer, CPA, ABV, CFF explains to businesses what to know about business interruption insurance. In addition to insurance for physical damages, most business policies include coverage for Business Interruption (BI) to compensate for lost profits during a period when the business cannot operate.  In general, this coverage is available when the business occurs a

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

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

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