Each year, the Internal Revenue Service (IRS) sets standard mileage rates for business based on an annual study of fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. Beginning on January 1, 2020, the standard mileage rates have changed.
As part two of our series on tax forms, this article explains the purpose of Form 1099-MISC, its filing requirements and upcoming changes for 2020.
As Part I of our 2019 Forms W-9 and 1099-MISC Series, this article explains the purpose of Form W-9. Purpose of Form W-9 An individual or entity (Form W-9 requester) who is required to file an information return (Forms 1099) with the Internal Revenue Service (IRS) must obtain your correct
If you’re a business owner and have never heard of a Professional Employer Organization (PEO), you owe it to yourself to find out what it is and what it can do for you. PEOs provide human resources (HR), payroll processing, employee benefits, workers’ compensation and regulatory compliance assistance to small
When you hear the words ‘taxes’ or ‘Internal Revenue Service,’ like many Americans, you may feel a mixture of dread or fear. The idea of the IRS knocking on your door or demanding an audit has long been nightmare-inducing. It may surprise you to learn that, despite its intimidating reputation,
When the IRS announced that it is again changing the 1040 Form, just six months after the release of the much talked about 1040 Form for 2018, my team and I celebrated! The #1 most important takeaway is that the IRS recognized that the “postcard” sized format was not at
The Internal Revenue Service (IRS) is ramping up efforts to thwart identity theft, which is becoming more and more common. Tax-related identity theft occurs when …
Although there are many types of information returns that businesses are required to file, the most common amongst our business clients is the Form 1099-MISC. The following summary describes basic rules to follow in order to file Form 1099-MISC for 2018.