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Tax Preparers Rejoice! Here’s How To Prepare SECURE 2.0 Form 8881 Retirement Tax Credit If You Use Gusto & Guideline

Nancy McClelland, LLC

This week, I discovered a gift that Gusto created for tax preparers with clients that use the Gusto+Guideline combo — a reporting tool that will literally prepare the Form 8881 “Credit for Small Employer Pension Plan Startup Costs” for you. On the left side bar, click on “Tax credits” 3.

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2023 Readers’ Choice Awards – The Readers Have Voted!

CPA Practice

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system.

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The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards

CPA Practice

The awards also let professionals see the technologies and best workflow practices their peers are using, which can help them stay competitive in the constantly-evolving tax and accounting space. Thank you to the more than 5,500 readers who participated in voting this year. Now, on to the results!

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Five Reasons Cannabis Organizations Should Outsource Their Accounting in 2023

CPA Practice

Outsourcing also helps ease worries and provide operators with comfort in knowing year-end tax preparation will go smoothly, and all accounting records will comply with Sec. 280E for income tax reporting. Instead, business leaders can obtain the bookkeeping support they need by outsourcing their accounting.

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Top Five Tax Benefits Your Preparer Might Be Forgetting

Nancy McClelland, LLC

To that end, when you do share something with your tax preparer, I beg you to phrase it in respectful language that recognizes they are experts in their field. Although many of these benefits were modified and expanded upon with SECURE 2.0 , the new rules didn’t take effect until 2023.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. I know, that’s all very confusing.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. I know, that’s all very confusing.