ThomsonReuters

JULY 29, 2021

The current regulations further provide that the 250-return threshold applies separately to each type of information return a taxpayer is required to file. To calculate these thresholds, the proposed regulations would require aggregation of most information returns—including the forms mentioned above and Forms W-2.

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Snyder

JUNE 20, 2022

Although Shopify is a popular e-commerce platform and CMS, Shopify accounting tools are fairly limited. To execute more complex tasks such as filing compliant tax returns, you will need an integrated e-commerce accountancy app. What is the importance of accounting for e-commerce businesses? Tailoring Your Shopify Integration.

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ThomsonReuters

FEBRUARY 24, 2023

Schedule K-1s, which are tax forms used to report a partner’s or shareholder’s income, losses, capital gain, dividends, etc., K-1s, however, are quite different and can come with some complexities for tax and accounting firms. There are three different types of K-1 tax forms , which var y depending on the type of business.

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ThomsonReuters

OCTOBER 12, 2023

How to report foreign income What is Form 1099-DIV? Helping clients with foreign income tax forms For U.S. To support this effort, forward-thinking accounting firms are increasingly using tax preparation software and scan-and-populate solutions to tackle the challenges of foreign income reporting. What is FEIE?

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Nancy McClelland, LLC

JANUARY 18, 2024

It seems that for 2023, Gusto has slightly changed the details for how they handle distribution of 1099 and W-2 forms — and so that no one ends up without a copy of their important documents, I am sharing the step-by-step process that we went through for our own firm, in hopes that it helps you manage it in your own small business.

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Shay CPA

FEBRUARY 15, 2023

Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. That can give you and your accountant a good foundation to build on for this year. Amazon, Staples) Payroll (e.g.,

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Snyder

NOVEMBER 10, 2022

Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. First, try to make the most out of your accounting software. Accounting management. Online tax preparation + IRS forms. You can start with something simple.

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ThomsonReuters

DECEMBER 7, 2022

To help accounting professionals, especially those entering the profession, this article will explore how fiduciary income tax is different from estate tax, who files a fiduciary tax return, what defines estates and trusts, and more. Savings accounts. More specifically, the form repo rts: The income, deductions, gains, losses, etc.,

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LyfeAccounting

NOVEMBER 2, 2020

In other words, we’re going to debate a 1099 vs W2 and which one may be best for your business. So today in this post, we’re going to discuss 1099 vs W2 and which one may be better for your business. 1 – What are going to define what a 1099 worker is and what a w2 worker is. #2 What is a 1099 Worker?

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LyfeAccounting

JUNE 18, 2021

The IRS sends these types of letters as an attempt to clear up the flags on your refund. But once you do, you’ll be able to access your IRS account online and perform different activities like verifying your identity with them. If you receive more than $10 in interest payments, the IRS will send you a tax form called 1099-INT.

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LyfeAccounting

MAY 27, 2021

The code number is important because it tells you what type of notice they are sending you. IRS Letter Type #1. IRS Letter Type #2. This would eliminate the tax penalties they added to your account. From there, they can look up your account and remove the additional fees. IRS Letter Type #3.

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PYMNTS

JULY 31, 2017

Things got off to a bumpy start this week for Wells Fargo, with the revelation that it may have allowed an unauthorized release of the data on tens of thousands of clients’ bank accounts. Wells Fargo has disclosed that the accounts came from a branch of its brokerage business in the northeastern U.S. “We

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ThomsonReuters

JANUARY 16, 2024

The Act also includes several smaller non-retirement tax provisions, including changes to ABLE accounts under Code Sec. The allocation of payments between principal and interest for purposes of the deduction may not match the allocation stated on Form 1098-E from the lender or loan servicer.

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ThomsonReuters

JULY 13, 2021

Form 1099-NEC , Nonemployee Compensation ). Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Payers must complete this form to report any payment of $600 or more to a payee.

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Withum

FEBRUARY 1, 2024

The K-1s these entities provide are ten or more pages with at least a dozen numbers that need to be recorded on the return and which might cause extra forms to be used. Further, if PTP shares are owned in a retirement account, including an IRA, Roth IRA, or 401k, some of the income could become taxable in those tax-sheltered accounts.

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ThomsonReuters

JANUARY 9, 2024

In addition to various rules for income tax deductions and depreciation , C corps also pay several other types of taxes, such as property taxes, payroll and unemployment taxes, sales and use taxes , and excise taxes—though some of these costs are passed on to consumers. C corps file federal income taxes using IRS Form 1120 , the U.S.

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ThomsonReuters

JUNE 14, 2021

Draft instructions of Form 941 and schedules. The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA).

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LyfeAccounting

NOVEMBER 3, 2020

Also, small disclaimer, the information I’m providing in this post is for informational purposes only and is not meant to take the place of legal and accounting advice. If you want specific accounting advice, then please contact your attorney or CPA. There are rules, exceptions, and exclusions for various types of business write-offs.

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LyfeAccounting

APRIL 8, 2021

When you earn income from another business, you typically receive either a 1099 or W-2 documenting the income. But you’re not alone because the IRS also receives a W-2 or 1099 documenting the income you received. And even a recent referral fee you received from an apartment complex will come with a 1099. That’s right.

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LyfeAccounting

JANUARY 25, 2021

In this post, I’m going to go over employee compensation, the types of employee compensation, and the easiest way to start paying your employees if you’re doing it for the first time. So if they made $1600/month, that’s the exact amount that went into their bank account. Or you could hire an accountant to do it for you.

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