SJG Blog
Understanding Forms 1099-NEC and 1099-MISC Filing Requirements for Businesses
While there are many types of “Information Returns” that businesses are required to file, the most common for our business clients are Forms 1099-NEC and 1099-MISC. Filing Requirements for Form 1099-NEC Generally, you should file a 1099-NEC form to report “Non-Employee Compensation” for all vendors that are not incorporated and
Automobile Standard Mileage Rates Increase for 2022
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The standard mileage rate is often used by employers to calculate the amount to be reimbursed to employees for the mileage they drive
What is a W-9 and Why Do I Need It? Back by Popular Demand.
Form W-9 is an Internal Revenue Service form which is used to request and confirm the name, address, and taxpayer identification information of a taxpayer. Purpose of Form W-9 An individual or entity who is required to file information returns with the Internal Revenue Service (IRS) must obtain their correct
Which Business Financial Records Should I Keep? And For How Long?
All businesses, whether large or small, produce an array of records. Maintaining and retaining these records is more than a matter of keeping items in case they are needed for reference or if a business is audited in the future. Knowing how long to keep accounting and financial records for
The IRS is a “Hot Mess” says the Washington Post; Here’s Evidence to Prove It
Are you still waiting for your 2020 Individual Tax Refund? You may have to get in line. The IRS’s backlog of unprocessed individual and business tax returns has grown to more than 35MM, notes a report from the national taxpayer advocate published this week and shared by the Washington Post.
QuickBooks 2018 Sunset Gives Users Pause, Reasons to Upgrade to QuickBooks 2021
With the sunsetting of QuickBooks 2018 desktop edition on May 31, 2021, several of our clients received an alarming message from QuickBooks notifying them that their software was being discontinued. This message was a bit misleading, and we want to bring some clarity to the situation. Effective May 31, Intuit
Featured Posts
Automobile Standard Mileage Rates Increase for 2022
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or …
The IRS is a “Hot Mess” says the Washington Post; Here’s Evidence to Prove It
Are you still waiting for your 2020 Individual Tax Refund? You may have to get in line. The IRS’s backlog of unprocessed individual and business …
No One is Home at the IRS
Thirty days after this year’s July 15 income tax filing deadline the IRS began issuing automatically generated notices of past due balances including penalties and …
