Changes in 1099 Reporting for Tax Year 2020 – FORM 1099-NEC
By Dorothy P. Eyerly, LSWG Staff Accountant II The IRS has issued a new form for reporting nonemployee compensation: Form 1099-NEC. Nonemployee compensation payments were previously reported in Box 7… [more]
LSWG’s Client Portal – Safely and Securely Transmit Your Financial Information
Wednesday, December 9, 2020 – For over three years now, LSWG clients have enjoyed the convenience of LSWG’s Client Portal–a secure online space that allows LSWG and our clients to… [more]
3 HR Tasks You Should Complete Before the End of the Year
Guest contributor, Amanda Haddaway, managing director of HR Answerbox, offers these tips for getting your organization in shape for the New Year. Wednesday, December 9, 2020 – While it may… [more]
5 Business Tax Deductions to Consider
Wednesday, December 2, 2020 – It’s year-end tax planning time at LSWG. If you haven’t already, you might want to take a look at opportunities that you need to take… [more]
Maryland Business Owners: You May Have Another Deduction Coming Your Way
Friday, November 20, 2020 – If you own a business which operates as a partnership or S-corporation in Maryland, you might find some unexpected tax relief this year. The Tax… [more]
Mother Nature, Acts of God, and Payroll for Your Nonprofit
Wednesday, November 18, 2020 – There are very few things in life you can’t control, and weather is one of them. So how do you handle extreme weather emergencies and… [more]
Relief for Frederick County Restaurant and Food Service Businesses
Friday, November 13, 2020 – The Frederick County Office of Economic Development is accepting applications for grants designed to provide financial assistance to licensed Frederick County food and beverage providers… [more]
Tips on Working With Independent Contractors In Your Nonprofit
Wednesday, November 11, 2020 – You have employees, but you also may have independent contractors. Who are they and how do they affect your nonprofit organization? The most important first… [more]
Nonprofits: Understanding the Tax Issues
Wednesday, November 4, 2020 – Do you think “nonprofit” means you don’t have to deal with the IRS? Actually, there are still some serious tax obligations. It’s often assumed that… [more]
Is It a Grant or Is It a Contribution?
By Cindy McGiffin, CPA, LSWG Audit Supervisor Monday, November 2, 2020 – A new FASB Accounting Standards Update may change the way you are recording grants. FASB Accounting Standards Update… [more]