When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay non-employee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Non-employee Compensation. Generally, payers must file Form 1099-NEC by January … Read More
Should you hire a professional accountant?
Knowing when it is time to hire a professional accountant. If you run your own business or are part of the gig economy you may be wondering if it is finally time to hire an accountant. What are the signs that it is time to hire a professional and why would you want to? Professional accountants can do more than … Read More
Taxpayers who have not yet filed their 2021 tax return
October 17, 2022, extension deadline Check the IRS Directory of Federal Tax Return Preparers. This searchable and sortable public directory helps taxpayers find a tax return preparer with specific qualifications. Check the preparer’s history with the Better Business Bureau. Taxpayers should check for any disciplinary actions for credentialed tax return preparers. For CPAs, check with the State Board of Accountancy. … Read More
Don’t file your tax return before you’re ready
Don’t file your return before you’re ready Taxpayers should never file late, but they shouldn’t file unless they are ready either. Taxpayers who file before they receive all the proper tax reporting documents run the risk of making mistakes that may lead to processing delays. Amended returns are currently taking an unprecedented amount of time to process by the IRS … Read More
Beware of Scammers
Careful and keep an eye out for scammers Tax season is in full swing and the IRS wants to remind taxpayers to be on the lookout for tax scams. Criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some red flags that should alert you that you may … Read More
Tips for preparing your tax return
Now that the holidays are in the rearview mirror and it is the start of a new year, it’s time to think about getting ready for filing your tax returns. Gathering and organizing your records in order to file your taxes could be one of the nicest things you do for yourself (and your accountant). Taxpayers should gather all year-end … Read More