Beth A Steiner CPA, LLC

Received a 1099-K? The IRS has issued some guidance

What taxpayers should do if they received a Form 1099-K in 2024 | Internal Revenue Service FS-2024-07, March 2024 — If a taxpayer sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, they could have received a third party reporting document Form 1099-K, Payment Card and Third Party Network Transactions.

Know any students who are planning on entering the accounting field? The WICPA has a scholarship opportunity. Applications are due Friday, March 8th.

College Scholarship Application | Wisconsin Institute of CPAs Apply for one or more college scholarships by completing the WICPA Educational Foundation Scholarship form.

Many owners of existing entities will be subject to new reporting rules next year and are probably not aware of this fact.

Beginning January 1, 2024, a large number of businesses will be required under the Corporate Transparency Act (TCA), to disclose beneficial ownership information (BOI) of certain entities from people who own or control a company.

This is not part of the tax code but is part of the Bank Secrecy Act. Many LLC's and partnerships will fall under this rule, including Single Member LLC's and many small businesses,

New entities formed after 12/31/23 must file within 30 days or formation. Existing entities have until 1/1/25. Fines are $500/day with up to two years of jail time for non-compliance.

Forms are not slated to be released until 1/1/2024.

For more information see:

www.govinfo.gov

With student loan payments resuming, there is a "new" way to help pay off those debts. You can now withdraw up to $10,000 from your 529 account to pay off your student loans. $10,000 is a LIFETIME limit and not all states follow the federal rules. WI does allow the student loan payments. There are requirements and restrictions that must be followed to allow this exemption.

https://www.forbes.com/advisor/student-loans/can-i-use-529-to-pay-student-loans/ #:~:text=The%20SECURE%20Act%20only%20allows,repay%20their%20student%20loan%20debt.

Being a good leader sometimes means moving out of the way.

2 Signs It's Time For You To Step Down As a Leader | Entrepreneur Holding on to your role as CEO might only make things worse for all involved — yourself included.

Was this meeting really necessary?

Don't Make Your Team Dread Meetings — Try These Tips Instead | Entrepreneur We've all been in at least one meeting and thought, "This could've been an email." To make the most of your meetings, implement these five guidelines.

WI free webinar for event organizers
https://www.revenue.wi.gov/Pages/Training/Home.aspx

Are you or anyone you know of pursuing a college degree in accounting? The WICPA is offering scholarships. Application deadline is March 3rd. For a list of all requirements, please see:

https://www.wicpa.org/education/scholarships

College Scholarships | Wisconsin Institute of CPAs Apply Now! The WICPA Educational Foundation supports a college scholarship program that awards four $2,500 scholarships based on academic achievement, volunteering, a personal statement and letters of recommendation.

It's that time of year again. Need a new tax preparer? The IRS has a directory where you can search to see if the preparer you are looking at hiring is able to represent you before the IRS or has any credentials that they have passed to ensure that they are qualified.

https://irs.treasury.gov/rpo/rpo.jsf

irs.treasury.gov

The IRS has issued 2023 Standard Mileage Rates

https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2023-business-use-increases-3-cents-per-mile

The IRS has announced a delay for the new 1099-K threshold reporting requirements

News Releases for Current Month | Internal Revenue Service A listing of current news releases published by the IRS.

Are you hosting a temporary event such as a flea market, craft show, or pop-up event? You have 10 days to meet certain reporting requirements for WI.
https://www.revenue.wi.gov/Pages/HTML/temevent.aspx

DOR Temporary Events Wisconsin Department of Revenue: Temporary Events

The WI Department of Revenue has updated their Fact Sheet for sellers of Antiques and Crafts. See Fact Sheet 2112. https://www.revenue.wi.gov/Pages/HTML/FactSheets.aspx

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/

An essential guide to building an emergency fund | Consumer Financial Protection Bureau Everything you need to know about what an emergency fund is and how to create an emergency fund. An emergency fund is an important step in protecting yourself financially from the unexpected – like a car repair, medical bill. or replacing an appliance – and staying on track to reaching your savi...

How To Roll Over a 401(k) to a Roth IRA There are advantages to rolling over money from a 401(k) to a Roth IRA. Find out more about the process and what to look out for along the way.

So you filed your tax return and you’re due a refund. Great news - you can track the status of your refund using the IRS “Where’s My Refund?” tool. But before you check, here’s what you will need:
• Social Security Number or ITIN
• Your filing status
• Your exact refund amount

To learn more, check out this tip from the IRS:
https://go.usa.gov/xubc2

Are you a WI business that has payroll checks, payments that weren't cashed or other property that you have in your possession and are unable to find the owner?

Did you realize that you are required to file an Unclaimed Property Return and turn it over to the state?

2021 WI Act 87 allows you (from 2/1/22 through 2/2/23) to enter into a voluntary disclosure agreement with the state to waive penalties if you have not timely fulfilled these requirements.

To see if you qualify, see pages 3-4 of the latest WI Tax Bulletin (January 2022-Number 216).
https://www.revenue.wi.gov/WisconsinTaxBulletin/216-01-22-WTB.pdf

www.revenue.wi.gov

Federal security agencies warn of potential Russian-sponsored cyberattacks A joint cybersecurity advisory from the Cybersecurity and Infrastructure Security Agency, the FBI, and the NSA urges businesses and other organizations, to step up their cybersecurity mitigation and detection efforts.

FYI for those that have questions and to clear-up the confusion that seems to be circulating online.

https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements?utm_medium=email&utm_source=SFMC_RAVE&utm_campaign=TAX_A22Jan25&utm_content=421574&AdditionalEmailAttribute2=AICPA&AdditionalEmailAttribute3=Tax21&AdditionalEmailAttribute4=Newsletter&AdditionalEmailAttribute5=

General FAQs on New Payment Card Reporting Requirements | Internal Revenue Service General frequently asked questions on Payment Card and Third Party Network Transactions.

Own cryptocurrencies? The IRS is cracking down on unreported income on cryptos. Unsure where to start in tracking these investments? There are tools available. One such tool is CoinTracker. https://www.cointracker.io/?a=ch210

Bitcoin Taxes, Crypto Portfolio & Prices | CoinTracker CoinTracker is the most trusted Bitcoin Tax Software and Crypto Portfolio Manager. Automatically connect Coinbase, Binance, and all other exchanges & wallets.

Know anyone who is currently enrolled in a college accounting program and has completed 90 college credits? Apply for scholarships here:
https://www.wicpa.org/education/scholarships

College Scholarships | Wisconsin Institute of CPAs The WICPA Educational Foundation supports a college scholarship program that awards three $2,500 scholarships: the LeRoy C. Schmidt 150-Hour Scholarship, the Elizabeth Peters Memorial Scholarship, and the Von Haden Memorial Scholarship. Scholarships are awarded based on academic achievement, volunte...

To accomodate taxpayers before and during the busy season, the DOR is extending its call service hours to 5:45 p.m. on Jan. 18, 20, 25 and 27, as well as April 5, 7, 12 and 14. See service contact details here: http://ow.ly/PWNY50HtKwr.

The IRS has issued 2022 Standard Mileage Rates
https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2022

IRS issues standard mileage rates for 2022 | Internal Revenue Service IR-2021-251, December 17, 2021 — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

With all of the accounts being hacked, it is becoming increasingly important to utilize strong and unique passwords for all of your accounts. Password managers not only track your passwords for you, many are able to generate passwords for you. There are many free and paid password manager options available. If you use a password manager, you need to only remember one very unique long password.

https://cybernews.com/best-password-managers/are-password-managers-safe/

Are Password Managers Safe to Use in 2021? | CyberNews Not sure if password managers are secure enough to manage your passwords? Learn all about password managers' safety, risks and which we recommend to use.

If you are running an event in WI where any merchandise is sold or admission is charged, you must now submit the following form to WI DOR within 10 days of the event. This form contains the names and seller permits of each vendor at the event. Field agents attend these events. You are required to provide proof of compliance at these events.
https://www.revenue.wi.gov/DORForms/s-240f.pdf

www.revenue.wi.gov

Important information for all business owners as the penalties for incorrect worker classification are steep....

If you’re a business owner, be sure to correctly determine whether the people working for you are employees or independent contractors.

Click here to learn more: https://go.usa.gov/xMBNq.

https://www.npr.org/sections/health-shots/2017/10/11/556946744/why-a-long-term-disability-policy-is-more-important-than-pet-insurance

Why A Long-Term-Disability Policy Is More Important Than Pet Insurance Though not as trendy as pet insurance, a long-term-disability policy is pretty cheap and can save your bacon if you have an accident, get cancer or otherwise can't work for a few months or years.

Does a Nonprofit Need an EIN? There are many reasons why your nonprofit needs an employer identification number (EIN), from applying for loans to filing taxes. Here is what you need to know.