February 2021 Business Due Dates

February 1 – 1099-NECs Due to Service Providers & the IRS If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as nonemployee compensation during 2020, you are required to provide Form 1099-NEC to those workers by February 1.  “Nonemployee compensation” can mean payments for services performed […]

John F. Coggin, CPA MBAPrincipal, John F. Coggin CPA, PLLC

February 2021 Individual Due Dates

February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you.  February 1 – File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated PaymentIf you file your prior year’s individual income tax return and pay […]

John F. Coggin, CPA MBAPrincipal, John F. Coggin CPA, PLLC

Should You Charge Late Fees? QuickBooks Can Help

Have your customers been submitting payments later than usual these last several months? It wouldn’t be surprising. Many businesses are struggling to pay bills these days. Still, you need to get paid – and on time. Tardy receivables have a negative impact on your own cash flow. We’ve discussed ways to encourage prompt payment in […]

John F. Coggin, CPA MBAPrincipal, John F. Coggin CPA, PLLC

Beware: These Tax Return Red Flags Could Catch the Eye of the IRS

Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither of those things compare to the feeling that accompanies an envelope bearing an IRS return […]

John F. Coggin, CPA MBAPrincipal, John F. Coggin CPA, PLLC

Bar and Restaurant Owners Sue Local Governments

From shutdowns to curfews, capacity restrictions to required outdoor dining, bar and restaurant owners across the nation are jumping through hoops to try to keep their businesses open and viable. The entire service industry has been severely affected by the COVID-19 pandemic. Many bar and restaurant owners have become increasingly frustrated with the back-and-forth actions […]

Paul HeyburnLitigator, MehaffyWeber

Increased Business Meal Deductions for 2021 and 2022

If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it did retain a deduction for business meals when the expense is ordinary and necessary for carrying on the trade or business and is not lavish or extravagant, along with […]

John F. Coggin, CPA MBAPrincipal, John F. Coggin CPA, PLLC

Difficult Conversations: Explaining the Sale of Your Human Services Company

I was recently speaking with one of the sellers I represented about the sale of his provider agency. I asked him what he thought was my most significant value during his long selling process. Without skipping a beat, he said, “‘The emotional support you provided to me.” He explained that it was helpful to talk […]

Rachel BoyntonManaging Director, Vertess

4 Questions Business Owners Should Consider During the 2020 Tax Season

As if 2020 wasn’t challenging enough, this season’s tax-filing is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free lunch” is proving true once again as business owners sit […]

John F. Coggin, CPA MBAPrincipal, John F. Coggin CPA, PLLC