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Filing Deadline for W-2 and 1099 Forms

Taxpayers who paid employees or independent contractors in 2023 are reminded to file all required payment reporting forms by January 31, 2024.

If you operate a business and pay employees, you generally must file a Form W-2 for each employee with the Social Security Administration (SSA) by January 31. You must also send each employee a copy of their W-2

January 31 is also the deadline for 1099 forms if you are required to file 1099-MISC and 1099-NEC forms.

If you are an employee, you should expect to receive your W-2 from your employer soon, if you have not received it already.

Bookeeper | Accounting Taxes, Accounting and Bookkeeping services

Why buying a house is still financially beneficial even with sky-high prices and interest rates It’s becoming harder to enter the U.S. housing market, but for those who have managed to get in, the benefits have often been huge.

IRS Delays Implementation of New Form 1099-K Rules – Did You Know?

The American Rescue Plan Act (ARPA) of 2021 changed the IRS reporting rules for payments sent through third-party payment processors like PayPal and CashApp. The new rules require payment processors to send a Form 1099-K to all recipients of $600 or more in payments for goods or services during a year. These rules were to take effect beginning with tax year 2022.

However, the IRS has now announced that 2022 will be treated as a “transition year” for the ARPA provisions regarding 1099-K forms. As a result, payment processors may choose to follow the previous rules, which stated that a Form 1099-K must only be sent if a business or individual received over $20,000 in payments through more than 200 transactions. The new $600 threshold will take full effect in tax year 2023.

Therefore, if you received between $600 and $20,000 for goods or services through a payment processor in 2022, with 200 or fewer transactions, you may or may not receive a Form 1099-K. Note that this transition policy applies only to the sending of 1099-K forms. You must still report all taxable income you receive through a third-party processing platform to the IRS, regardless of whether you receive a tax form showing the income. A tax professional can help you determine which payments you received may be taxable.

"Why do good ideas take so long? Why is there this persistent lag between good ideas and their adoption? The more transformative an idea is, the more revolutionary it is, the longer it takes us to figure out what it's useful for." - Malcolm Gladwell

If you purchase an electric vehicle in 2022, be sure to check whether you qualify for a tax credit. See updates at www.irs.gov/pluginvehiclecreditamounts

"Our lives are finite, but life is infinite. We are temporary players in the game of life, and we get to choose how we play. It's ok to want to win, but not at the expense of others." - Simon Sinek

A year in review: The top 10 innovations from QuickBooks in 2022 - Firm of the Future As 2022 comes to an end, we reflected on the innovations launched over the past year, how they’re helping you and your small business clients thrive.

You can make a case for each 👀

QuickBooks Online for Partners We don’t expect you to be an accounting expert. That’s why QuickBooks keeps everything organized in one place. 88% of customers say QuickBooks makes it easier to run their business.**

7 Smart Year-End Tax Planning Moves For Owners. You can always find help at your local .

Spike in Tax-related Gift Card Scams – Did You Know?

The holiday season can bring a lot of joy, but unfortunately, it also brings a new wave of scammers trying to cheat people out of their hard-earned money. Many scammers impersonate the IRS or other government agencies and demand payment in gift cards.

In one common version of the scam, a caller posing as an IRS agent threatens a person with tax and/or criminal penalties if the person does not immediately pay off a fictitious tax debt. The scammer may also send threatening text, email or voice messages with a callback number. Ultimately, the scammer demands that the person make payment by purchasing gift cards and sharing the card numbers and PINs.

If you get a call or message from anyone demanding payment in gift cards, hang up or do not reply. The IRS will never call a taxpayer to demand payment in gift cards, prepaid debit cards or wire transfers. If you have legitimate concerns about your tax situation, including back taxes you may owe, a tax professional can help you handle the problem in a safe, secure way. To help protect others, you can report possible tax scams to [email protected].

A heads up to owners: If you earn more than $600 using third-party payment cards, you may receive an Form 1099-K that you need for your 2022 tax return. This form shares income from reportable transactions using digital applications or third-party payment cards. See what this means for your Small Biz: http://ow.ly/ecZp50LkqhR

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How To See Your Business' Health In QuickBooks | US Tutorial Keep your thumb on the pulse of your business with help from QuickBooks. Learn how to manage your expenses, see your profits and losses, and make sense of th...

How practices are adapting to the ongoing accountant shortage The world is facing a shortage of accountants. What’s causing it and what steps can firms take to minimize the effect of the lack of accounting...

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