Each year clients have issues with pre-printed forms not lining up for printing. Even forms purchased from Intuit! We used to sell these and buy in bulk so there will be a bit of a sticker shock. You can also use e-file services to process these forms but be aware that it can be just […]
Forms for Tax Season Read More »
Welcome to the wonderful world of Oregon CAT Tax! What is commercial activity? Corporate Activity Tax FAQ Commercial activity is the total amount realized by a company from the transactions and activity in the regular course of their business in Oregon, without deduction for expenses incurred by the business. Commercial activity is realized according to
It’s Alive! The 1099-NEC form has been brought back to life. Just in time for Halloween! “The new Form 1099-NEC—which is actually an old form that hasn’t been in use since 1982—is used to report any compensation given to nonemployees by a company. 1 The IRS has separated the reporting of payments to nonemployees from Form 1099-MISC and redesigned
1099 Form Changes for 2020 Read More »
We Survived Another Tax Season This was a tough tax season. You may not even have your return back yet. Either way, you’ll likely find these steps quite timely. And now you have time to collect supplies for your tax season after party! Step 1: Ride out the shock. If you are a new business
Tax Season After Party Action Items Read More »
Meals & Entertainment Changes GO! does not give tax advice but we will share what we learned at QBConnect. Always check with your CPA for tax advice since there are so many grey zones and your CPA is the person that will need to deal with the IRS if there is an audit. Entertainment No
Tax Reform – Meals & Entertainment Read More »
It is very important that you classify workers properly. The mistake of classifying an employee as an independent contractor can be costly. What is the definition of an Independent Contractor per the IRS? 20FactorTestforIndependentContractors Here is an example of the type of form your company should have for Vendor On-boarding. Example Independent Contractor Questionaire And
Independent Contractor Tests Read More »
You cannot deduct commuting costs so make sure you understand what is considered commuting – See the image furnished by the IRS below. Reimbursements are part of an Accountable Plan which requires: Business Connection: Proof of business necessity Substantiation: Original receipts, mileage log, reimbursement request form. Return of Excess Amounts: Return of unused advances. IRS
Mileage and Travel Reimbursements Read More »
Do you or someone from your accounting team review the tax return each year? Your tax return preparer expects you to and with good reason. In the flurry of tax season, numbers get inverted. Sometimes an extra zero or two gets added. And beyond being a second set of eyes for errors, you and your
4 Reasons to Review Your Tax Return Read More »
Most people know they have to give independent contractors a 1099. Here are some other expenses eligible for a 1099: Interest paid on loans, rent, and household employees. A W-9 should be collected before paying these expenses. More information on Household Employees Without a W-9 on file, you are obligated to retain 28% of payments to vendors and send
Now is a great time to do a W-9 audit! Read More »
We all lived through 4/15! Whoo hoo! Some of you may have filed extensions for your personal and/or business taxes. Others may have already received a refund or notice of tax due. Lauren Wingert CPA offers a nice visual flow chart for anyone confused about how the Affordable Care Act (aka Obamacare) has impacted your
Affordable Care Act and Your Taxes Read More »
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This information is provided as a summary and teaching guide. Nothing on this website is intended as legal advice. If you need legal advice, please consult an attorney. We make no warranties or representations, express or implied, about whether the information provided is current. We urge you to contact relevant government agencies or your lawyer if you have employment law questions. You can also check the applicable statutes and administrative rules yourself and to consult with legal counsel prior to taking action that may invoke employee rights or employer responsibilities or omitting to act when required by law to act.
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