See Compensation for Dependent Personal Services in the Instructions for Form 8233. As in either case the partner is considered engaged in a U.S. trade or business because it is a partner in a partnership engaged in a U.S. trade or business, the partner is required to file a U.S. federal income tax return and…
Bad debt may include loans to clients and suppliers, credit sales to customers, and business-loan guarantees. However, deductible bad debt does not typically include unpaid rents, salaries, or fees. Here, we’ll go over exactly what bad debt expenses are, where to find them on your financial statements, how to calculate your bad debts, and how…
With over a dozen locations across America, we support hundreds of businesses and startup founders with outsourced accounting operations. We can provide whatever services and accounting software your technology company needs to improve profitability, all performed in a timely manner by a friendly Haynie & Company team member. They often require specialized expertise that traditional…
The total cost paid by the employer and employee should be reported on the State Copy of the W-2 form in Box 12. ADP has adopted an extensive set of principles and processes to govern its use of artificial intelligence, machine learning and other new technologies. ADP approaches these innovations in a way that addresses…
Advance rent is an arrangement made between a tenant and a landlord to pay rent in advance of the specified timeline. Unfortunately, the deduct when you pay rule does not apply to prepaid rent. So, for example, if you pay $50,000 for a year’s rent in June, you can deduct only seven months of that…