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Tax Considerations for Office Leases
With the changing work environment in recent years, many businesses are reconsidering their office spaces and current leases. This could include renegotiating leases, reducing or increasing space, or leasing a new space. While there are many things to consider before signing or modifying a lease for office space, one of the areas that should not […]
1099-MISC vs 1099-NEC and New E-Filing Requirement
In 2021, the IRS released a new form: Form 1099-NEC. This form is still in use for 2023, along with Form 1099-MISC. However, there seems to be some ongoing confusion over which form to use. This Client Alert will provide you with some general guidelines and resources to help you determine whether you should file Form 1099-NEC or Form 1099-MISC. It will also address the new e-filing requirement that has been implemented for the upcoming filing season.
ORBA Welcomes Michelle Haines as an Audit and Assurance Director
ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Michelle Haines, CPA, has joined the firm as a Director in its Accounting and Assurance Group
Wealth Management Group Newsletter – Fall 2023
ORBA's Wealth Management Group's 2023 Newsletter advises on options for a 401k after leaving a job and and explains the favorable rules for traders over investors.
Manufacturing and Distribution Group Newsletter – Fall 2023
ORBA's Manufacturing and Distribution Group's Newsletter advises those considering purchasing a business on what to look for and how to stabilize a business in distress.
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and it is anticipated that more than 30 million businesses (including single member LLCs) will be subject to this reporting requirement.
Real Estate Group Newsletter – Fall 2023
ORBA's Real Estate Group's Newsletter covers the changes to the Alternative Cost Method (ACM) and urges real estate professionals to document their material participation in business operations.
Reporting Requirements for Recipients of Form 1099-K
The IRS is once again delaying the requirement for a third party settlement organization (“TPSO”) to issue a Form 1099-K to anyone who received more than $600 from the TPSO in third party payment network transactions.
Tax Connections Newsletter – Fall 2023
ORBA's Tax Connections Fall 2023 Newsletter urges all readers to consider their estate plan and compares the two types of custodial accounts.
ORBA Welcomes New Hires to Audit and Tax Groups
ORBA, one of Chicago’s largest public accounting firms, is pleased to welcome Ahmed Awwad, Cindy Montalvo and Vicki McLennan to the firm’s Audit and Tax Groups.