In this issue of Business & Tax Insights, we offer insight for the self-employed and the companies that hire contract workers. Read on for details on the new rules on how to classify employment status, and rules on home office deductions if you work for yourself. Learn all this, plus info on upcoming events, and more.
GRF reported another strong year! We are pleased to share that we are recognized once again by Accounting Today as one of the Top Firms in the Capital Region for 2024 and a 2024 Firm to Watch.
A note on 2023 tax returns: if you are a new client and would like us to help filing your business or personal taxes, you will need to file for an extension, but we may be able to help you with that too. For more information, contact theGRF Tax Team.
Ryan Ham, CPA, Partner and Director, Tax
6 Factors to Classify Workers as Employees or Independent Contractors
The U.S. Department of Labor recently issued a new final rule related to employment status under the Fair Labor Standards Act. The new rule outlines six key factors used to determine if a worker qualifies as an independent contractor or an employee.
If you're self-employed, you may be eligible for a valuable tax break for home office expenses. Here's an overview of who's eligible, how to compute your deductions, and a potential pitfall to avoid.
You might qualify for beneficial head of household (HOH) status on your federal income tax return if you are single, you are a divorced or legally separated parent, or you support adult family members. Here's a summary of the benefits and requirements.
Installment Sales Can Be a Win-Win for Buyers and Sellers
Installment sales can be beneficial for buyers without enough cash on hand to pay the full purchase price. But they can also be beneficial for sellers because taxable gains can be spread over several years. Here's an overview of the installment sale tax rules.
Heather Broberg to Lead GRF’s Accounting Technology Practice
We are pleased to announce that Heather Broberg has joined GRF to lead the firm’s Accounting Technology Solutions practice. With over 25 years of experience in accounting and finance leadership, Ms. Broberg is a valuable addition to GRF’s team of advisors focused on leveraging cutting edge technologies for improved operational performance.
Accounting Today Recognizes GRF as a 2024 Regional Leader and Firm to Watch
GRF reported another strong year! We are pleased to be recognized by Accounting Today as one of the Top Firms in the Capital Region for 2024 and a 2024 Firm to Watch.
Headquartered in the Washington, D.C. metropolitan region, GRF CPAs & Advisors (GRF) is a full-service professional services firm providing clients with accounting, tax, and advisory solutions. For more than 40 years, the firm has supported the financial and operational success of for-profit and tax-exempt organizations locally, nationally, and around the world.
For more about GRF CPAs & Advisors, visit our website at www.grfcpa.com.
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