#tax-compliance

Tax Compliance

Stay compliant with tax regulations and filing requirements

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August 15, 202617 min read

The Federal 1099-K Threshold Is $20,000 Again — But Your State May Still Require One at $600: A State-by-State Guide for Online Sellers and Gig Platforms

Federal 1099-K filing reverted to $20,000 and more than 200 transactions for 2026, but Maryland, Massachusetts, Vermont, Virginia, DC, Montana and North Carolina still require it at $600 — learn which states keep the lower threshold, how payment-card and TPSO rules differ, and how to book gross, fees, and sales tax so your books tie to every form you receive.

Mike Thrift

taxtax-complianceirs-reporting

August 15, 202615 min read

Cigar Lounge and Retail Tobacco Shop Bookkeeping: State Excise Tax, Humidor Inventory, and the Membership-Locker Revenue You Are Probably Booking Wrong

Premium cigar lounges pay OTP excise as a capped percentage of wholesale, carry humidor inventory at landed cost with FIFO or average costing, and must defer locker and membership fees as unearned revenue until each month is provided — separating all three keeps margins, taxes, and audits accurate.

Mike Thrift

small-businessbookkeepingtax

August 15, 202613 min read

New Jersey's New ABC Test Regulations Take Effect October 1, 2026: What Businesses Hiring Contractors Must Prove

New Jersey's ABC test regulations become operative October 1, 2026, clarifying that every worker is an employee unless you prove freedom from control, work outside your usual course or places of business, and an independently established trade — learn the three prongs, five common mistakes, and a pre-deadline audit checklist.

Mike Thrift

small-businesspayrollcompliance

August 15, 202615 min read

The New 1% Remittance Transfer Tax: What Small Businesses Paying Overseas Contractors Need to Know in 2026

Since January 1, 2026, cash-funded remittance transfers sent abroad are subject to a 1% federal excise tax collected by providers and reported on Form 720. This guide explains what triggers the tax, which bank-funded transfers are exempt, and how small businesses should record the tax, fees, and contractor payments.

Mike Thrift

taxtax-compliancesmall-business

August 14, 202612 min read

California Just Taxed SaaS: A State-by-State Guide to Software Subscription Sales Tax in 2026 and 2027

California SB 122 makes SaaS and other digital products subject to sales tax from January 1, 2027, with Colorado's HB 26-1223 flipping the same day. This guide maps SaaS taxability across all 50 states as of August 2026, explains economic nexus thresholds like California's 500,000 dollars plus the 5-million-dollar purchaser self-assessment rule, and gives a pre-January compliance checklist for software sellers and buyers.

Mike Thrift

taxtax-compliancesales-tax

August 14, 202614 min read

Charitable Giving in 2026: Cash vs. Property, $500 Noncash Threshold, and the Appraisal Rule for Donations Over $5,000

Noncash gifts over $500 require Form 8283 and over $5,000 require a qualified appraisal — and every single gift of $250 or more needs a contemporaneous acknowledgment letter before the return is filed.

Mike Thrift

charitable-givingtax-compliancefinance

August 14, 202610 min read

The Dependent Care FSA Just Got Its First Raise in 40 Years: What the New $7,500 Limit Means for Your Business

US dependent care FSA limit rises to $7,500 for plan years after 2025 — what federal employers and employees must change.

Mike Thrift

payrolltaxsmall-business

August 14, 202612 min read

Fix Your Own 401(k) Mistakes: A Small Business Guide to IRS Self-Correction

EPCRS gives small business 401(k) sponsors three ways to fix plan mistakes — self-correction with no fee, no filing, and no IRS contact through the third plan year for significant errors, a voluntary filing with IRS approval, or a negotiated closing agreement on audit — with standard fixes for late deferral deposits, missed eligible employees, plan loan failures, and missed RMDs.

Mike Thrift

retirement-planssolo-401ktax-compliance

August 14, 202611 min read

Nonprofit Thrift Store Bookkeeping: How to Value Donated Goods, Keep the Volunteer-Labor Exclusion, and Stay Off Form 990-T

Nonprofit thrift store bookkeeping covers the fair value and sold-price methods for donated inventory, IRS Publication 561 receipt thresholds, the roughly 85% volunteer-labor and donated-merchandise UBIT exclusions, and when Form 990-T filing is required.

Mike Thrift

nonprofitbookkeepingtax-compliance

August 14, 202612 min read

Making Tax Digital for Income Tax: Half of UK Sole Traders Missed the First Quarterly Update — What to Do Before 7 November 2026

Only about 437,000 of the 864,000 UK sole traders and landlords in scope filed their first Making Tax Digital quarterly update by 7 August 2026 — close to half missed it. No penalty points apply this tax year, but HMRC begins forced enrolment in September 2026 and the next quarterly update is due 7 November 2026.

Mike Thrift

taxtax-compliancetax-deadlines

August 13, 20263 min read

The 110% Safe Harbor for Estimated Tax: What High Earners Over $150K Must Pay to Avoid Penalties

High earners over $150K AGI ($75K MFS) must pay 110% of prior-year tax to meet estimated-tax safe harbor — 100% for others, 90% of current year as alternative.

Mike Thrift

small-businesstax-planningtax-compliance

August 13, 20263 min read

New Roth Catch-Up Rule in 2026: High Earners Over $145K Must Use Roth 401(k) for Catch-Ups

From 2026, catch-up contributions for 50+ workers earning >$145K–$150K prior-year FICA wages must be Roth — $8,000 regular or $11,250 super catch-up (60–63). What payroll must do.

Mike Thrift

small-businessretirement-savingspayroll

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