Meyers Hurvitz Abrahams LLC

03/16/2022

Tax Update: For those who receive payment for business services via payment application platforms such as Cash App, PayPal and Venmo, please note that the March 2021 American Rescue Plan imposes new reporting requirements for small businesses that receive payments for goods and services via third-party payment processors. The third-party payment processors must now report transactions exceeding $600.00 in one year on IRS Form 1099-K. Prior law mandated that these companies provide users Form 1099-K if their gross income exceeded $20,000.00 or if the users had more than 200 transactions per year. Although the IRS has always mandated self-reporting, many businesses neglected to keep record of smaller transactions. The new tax rule does not apply personal transactions such as reimbursing a friend or selling a personal item at a loss, however. This rule is separate from another proposal that would require banks and other financial institutions to disclose accounts with $10,000.00 of annual deposits or outflows to the IRS.

We’re available to answer any questions or concerns you may have about this revised tax policy. Simply call or email us.

02/08/2022

We are pleased to announce that Adam Abrahams has recently been appointed Chair of the American Bar Association Tax Section Closely Held Businesses Committee.

Mr. Abrahams has been active with the committee since 2017, and a member of the American Bar Association for a decade.

10/07/2020

Do you know the difference between ordinary income and capital gains, and how earn-outs factor into taxes? Here's an introduction!

Do you know the difference between ordinary income and capital gains, and how earn-outs factor into taxes? Here's an explanation!

09/15/2020

Of course, a Will is important - but it's just part of what makes a comprehensive estate plan. Here are ten reasons you should protect your assets and have a complete estate plan.

It's extremely important for you to have a Will. However, a Will is only part of what makes up a comprehensive estate plan. Here are ten reasons you should protect your assets and have a complete estate plan.

09/02/2020

Receiving a letter, phone call or visit from a representative from the IRS can be a terrifying experience. Take a look at our recommendations on how handle such an experience and stay calm.

Receiving a letter, phone call or visit from a representative from the IRS can be a terrifying experience. Here are our recommendations on how to stay calm and handle the experience.