Business tax filing deadlines aren’t on holiday, so don’t forget to file worker 1099s. If you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC to avoid facing the loss of the deduction for …
Form W-9
Does Your Business Need to File Form 1099-NEC Or 1099-MISC?
Debating if your business needs to file form 1099-NEC or 1099-MISC? Let’s discuss the requirements of each. Reasons to File Form 1099-NEC If you use independent contractors to perform services for your business – the answer is yes for form 1099-NEC. For each contractor that you pay $600 or more for the year, you are …
Does Your Business Need to File Form 1099-NEC Or 1099-MISC?Read More
Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill
The IRS has been asking for a reporting requirement for cryptocurrency since inception. Over the last 3 years, the IRS has engaged in a virtual currency compliance campaign. This campaign specifically addresses tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns and even criminal …
Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure BillRead More
Your Annual Reminder to File Worker Form 1099-NEC
This is our annual reminder that if you use workers other than employees to perform services for your business (and those services equal more than $600 for the year) be sure to file worker 1099-NEC for them. You are required to issue each worker a Form 1099-NEC. This is for you to avoid facing the …
Ready for the Reappearance of the 1099-NEC?
The Internal Revenue Service resurrected a form unused since the early 1980s. Form 1099-NEC (the NEC stands for non-employee compensation) is now back in use. This form is used to report non-employee compensation instead of the 1099-MISC. The 1099-MISC has been used since 1983 to report payments to contract workers and freelancers to the IRS. …
