700 N. Fairfax St. Suite 400 Alexandria, VA 22314

Ph: 703.535.1200 | Fx: 703.535.1205

700 N. Fairfax St. Suite 400 Alexandria, VA 22314 Ph: 703.535.1200 Fx: 703.535.1205

Tax Tip: What to Do If You Receive a 1099-K

Renner Individual News; March 2, 2024 If you sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, there’s a good chance you received a third-party reporting document Form 1099-K, Payment Card and Third Party Network Transactions. The Internal Revenue Service (IRS) announced Notice 2023-74 … Continued

Modified E-file Regulations Will Affect 1099 Filers in 2024

Renner Business News; December 12, 2023 Important changes will take effect for Form 1099 filers for the upcoming tax season. Specifically, the final regulations will require certain filers to e-file. Changes made as part of the Taxpayer First Act (TFA) were intended to increase e-filing without undue hardship on taxpayers. The changes in T.D. 9972 … Continued

Give Your Tax Return a Jolt with EV Credit

Renner Individual News; September 13, 2023 As the demand grows for electric vehicles and incentives to go green with clean vehicles, so too does the number of people claiming the Electric Vehicle credit. If you buy a new electric car, you may qualify for a credit of up to $7,500. The tax credit is nonrefundable, … Continued

Tax Tip: Make Planning a Year-Round Priority

Renner Individual News; August 18, 2023 Tax time comes every April, but there’s plenty you can do throughout the year to stay organized. What you do after tax day can affect the tax you pay or get back next year. Here are some handy year-round tips to assist with your tax planning. Organize Your Records … Continued

Business Owners: It Is Time to Prepare for BOI Reporting Requirements

Renner Business News; June 16, 2023 There will be a new filing requirement for businesses effective Jan. 1, 2024.  In 2021, as part of the National Defense Act, the Financial Crimes Enforcement Network (FinCEN) created the Corporate Transparency Act. All business entities—domestic or foreign— that have filed formation documents with a U.S. state must file … Continued

Tax Tip: Protect Your Tax Information with an IP PIN

Renner Individual News; June 2, 2023 In this day and age of passwords, pins and two-step authentication, one security tool can make all the difference for taxpayers. Identity Protection PINs are the No. 1 security tool available from the IRS, according to the Electronic Tax Administration Advisory Committee. Taxpayers who participate in the program are … Continued

New GAAP for Leases and Who Needs to Apply It

Renner Business News; December 15, 2022 — Joan M. Renner, CPA, CGMA For years, you’ve been hearing about the new accounting principles that change how organizations account for leases. Although accounting standard setters have postponed the effective date of these requirements for years, there’s no more delay.  The new standard, contained in Accounting Standards Codification … Continued

Virginia Enacts Tax Savings Measure for Owners of Pass-Through Entities

Renner Business News; December 13, 2022 — Joan M. Renner, CPA, CGMA The 2022 Virginia General Assembly has enacted a new law for 2021-2025, which allows qualifying pass-through entities (PTEs) to elect to shift the income tax burden from the individual PTE owners (who may not be able to deduct the tax) to the PTE … Continued

Tax Tip: Deductible or Not? That is Question for First-Time Homeowners

Renner Individual News; December 12, 2022 Buying your first home can be an anxious experience. Filing your first tax return as a homeowner doesn’t have to be, though, if you know what’s deductible. As a first-time homeowner, you should make yourself familiar with authorized deductions, programs that can assist with home ownership and the use … Continued

Time to Prepare for 1099 Filing

Renner Business News; December 8, 2022 — Paul Kentes, Manager Whether you are a business owner, employer, self-employed, the director of a nonprofit organization, or in charge of an estate or trust, getting ready for 1099 season is probably at the bottom of your list of things to do. With the holidays quickly approaching, adding … Continued