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Late-breaking IRS Change
In a last minute about face, the IRS is rolling back the requirement for third-party payment providers to issue 1099-Ks for anyone receiving payments over $600 in 2022. They are moving the reporting requirement back to $20,000 in activity and… -
Ins and Outs of Processing 1099’s
You are required to provide a 1099 showing the amount you paid if you pay someone more than $600 in a calendar year for services (not material or product). Here are some facts you need to know. Businesses have until… -
Contemporaneous Records: Understanding Tax Terms
One of the more uncommon words used by the IRS is the term “contemporaneous.” So what does it mean and why should you care? If you have problems getting to sleep at night and you turn to the IRS tax… -
Bookkeepers Can Steal From My Business!? Warning Signs and Prevention
They say trust has to be earned. Well, how can one earn trust when they are newly hired on to handle all of your business financials? If your trust has ever been taken advantage of, then I am sure you… -
QuickBooks Online or QuickBooks Desktop: Which One is Best for My Small Business?
QuickBooks Online and QuickBooks Desktop…there’s a difference? YES! Both have their special features, as well as, the drawbacks. Take a look at each below to help you decide which would be the best to use for your small business! When… -
Great Tax Reduction Ideas
The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways… -
Certified Public Account (CPA) vs. Enrolled Agent (EA)
This past tax season, we’ve had quite a few people specifically request to work with one of our CPAs. When asked why, we were told that they simply were more aware of CPAs as compared to any other type of… -
Understanding Tax Terms: Pass-through Entities
Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are… -
Make Your Child a Tax-Free Millionaire!
Want to jump start your child’s retirement with a million dollar tax-free account? Consider the “million dollar idea” below. The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution… -
Why is the IRS Sending Me This?
In a recent announcement, the IRS is telling taxpayers it’s turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late tax law changes from Congress, the congressional imposition on the… -
IRS Payment Plan: What To Do If You Can’t Pay Your Taxes
Don’t panic! Make sure to file your tax return on time—failure to file is much worse than failure to pay. Pay as much as possible when you file your tax return, as every dollar you pay at tax time reduces… -
Year-End Checklist For Small Business Owners
The end of the year can be hectic with business planning that needs to be done to wind down with 2021 and plan for 2022. In this week’s newsletter, I have noted a series of tasks you need to complete…