ThomsonReuters

JANUARY 22, 2024

In this blog, we will explore key provisions of the act and their potential impact on taxpayers. Adjustments to 1099-MISC and 1099-NEC filing thresholds The act recognizes the evolving business landscape by adjusting the filing thresholds for Form 1099-MISC and 1099-NEC.

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Tax business tax accounting and finance payroll 105

Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

ThomsonReuters

NOVEMBER 8, 2022

In this edition, we take a look at the new 1099 filing platform, WARN laws, and annual cost-of-living adjustments to key figures. New 1099 Filing Platform to Launch in 2023. The Taxpayer First Act requires the IRS to develop an internet platform by January 1, 2023 that will allow taxpayers to electronically file Forms 1099.

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ThomsonReuters

APRIL 18, 2023

For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. To better help clients navigate payroll, it is important that accounting professionals understand some of the most common payroll mistakes and how to avoid errors before they arise. What are common payroll errors?

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ThomsonReuters

JULY 7, 2021

There are several IRS forms used to report these taxes. For example, Form 941 , Employer’s Quarterly Federal Tax Return, is used by most employers (agricultural employers use Form 943 , small employers use annual Form 944 and Form 945 for annually reporting nonpayroll payments) each quarter to report employment taxes.

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payroll Tax income tax payroll tax 59

ThomsonReuters

JULY 13, 2021

Form 1099-NEC , Nonemployee Compensation ). Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee. Payers must complete this form to report any payment of $600 or more to a payee. IRS updates Publication 1281 to include Form 1099-NEC.

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payroll income tax Vermont tax return 98