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Gross Mendelsohn Blog

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Paul Cooke

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New Form for Reporting Nonemployee Compensation for 2020: 1099-NEC

January is just around the corner and with it comes the beginning of a new annual information reporting cycle. For small businesses accustomed to using Form 1099-MISC to report nonemployee compensation, there are important changes that you should be aware of when reporting nonemployee compensation for the 2020 tax year.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Service Businesses

Exposure to Personal Liability of Business Owners and Employees Increases Thanks to Wayfair Court Decision

The Supreme Court’s decision in South Dakota vs. Wayfair continues to have a ripple effect for businesses with interstate sales. With the Wayfair decision adding potentially significant sales tax exposure to some businesses, there is also the potential for increased exposure to the personal liability of unsuspecting business owners, corporate officers and even employees like tax and finance managers. It’s more important than ever for “responsible persons,” which we’ll define in a moment, to understand their responsibility and potential liability in the sales tax process.

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Construction & Real Estate  |  Government Contractors  |  Manufacturing & Distribution  |  Service Businesses

Economic Presence vs Physical Presence: Sales Tax Considerations After Wayfair

In June 2018, the United States Supreme Court issued their ruling in the case of South Dakota vs. Wayfair, which cleared the way for states to collect sales tax from businesses that do not have a “physical presence” in the state, but do have an “economic presence” in the state. While much attention has been given to the impact on online retailers, the decision potentially impacts the sales tax obligations of any business that makes remote sales to out-of-state customers. While some states are still reacting to the decision, many states have already implemented laws that require remote sellers to collect and remit sales tax on sales to out-of-state customers without having a physical presence in the state. Understanding this new and still evolving sales tax landscape is important for any company that conducts business in multiple states.

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