Month: January 2021

Estate Planning: Post Georgia Runoff Election

January 27, 2021 by Brendan Lacy
Estate and Gift Taxes
After the 2020 election and Georgia runoffs, Democrats now control both the House and the Senate.  This has the potential to have a significant impact on estate and wealth transfer planning in 2021 and going forward.  Part of President Biden’s tax agenda includes reducing the estate tax exemption to Pre-TCJA...
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New Form 1099-NEC

January 8, 2021 by Tracey Nagel
Copeland Buhl
The IRS has changed the 1099 reporting requirements related to nonemployee compensation.  Nonemployee compensation will now be reported on Form 1099-NEC rather than Form 1099-MISC.  As was the case under the old rules, only payments for services of $600 or more require a 1099-NEC. If the recipient is taxed as...
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