IRS releases guide for reporting 1099s

The IRS has released a guide for reporting 1099s, 1098s and other various forms. The guide provides useful information including the title of what the form is reporting, the responsible party for what the form reports, a link to the form and the instructions, the amounts required to report, the date the form is due …

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How to e-file an amended tax return

After filing your tax return you may find you’ve made an error when gathering your information, or a misplaced a document just turned up. Don’t stress. This is a common enough occurrence that the IRS has now made it easier to e-file an amended return. Don’t miss: Business meal deduction 2022 – what you should …

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Business meal deduction 2022 – what you should know

In tax planning for 2022, it’s important to know what deductions you can take for your business so you can keep a record of certain spending activities. The business meal deduction is one to keep in mind when you are out there enjoying your favorite restaurants. Don’t miss: IRS sending balance due notices on paid …

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IRS sending balance due notices on paid accounts

Did you receive a notice from the IRS stating that you have a balance due on your 2021 individual tax return, but you know you paid the balance on time? So did a lot of other tax payers! It turns out that the IRS is having some internal matching issues and is aware that some …

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Abusive Microcaptive Insurance transactions are shams

A recent Court of Appeals ruling has affirmed the IRS position that abusive Microcaptive Insurance transactions are shams. What are microcaptive insurance transactions and what does that mean for your tax position? Don’t miss: Accounting tips for starting a business What is captive insurance? In brief, it is an insurance company set up to write …

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Accounting tips for starting a business

So you’re ready to bring your creative and innovative idea and small business to life. Starting out with a clear understanding of the accounting and tax issues involved in your business will make growing and changing down the road smoother. Here are some important things to know before beginning a business. Don’t miss: Is the …

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Is the IRS calling your business a hobby?

You’ve found your passion or decided to start a side gig. In your mind this is a business, but does the IRS agree? Don’t miss: Colorado’s new tax – retail delivery fees The IRS may consider your business a hobby if your business claims a net loss for too many years or if it fails …

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Colorado’s new tax – retail delivery fees

Brand new just this month: Retail Delivery Fees! Effective July 1, 2022, Colorado began imposing a retail delivery fee on all deliveries by motor vehicle to a location in the state with at least one item of tangible personal property that is subject to state sales or use tax. To be clear: this is not …

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Choosing a third party payroll service

Employers need to choose wisely when hiring a third party payroll service to handle their payroll and payroll taxes. A good company will help your business avoid missed deposits for employment taxes and other unpaid bills. Don’t miss: Get to know your 401k plan rules There are many payroll services that provide quality services but …

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Get to know your 401k plan rules

Have you ever heard the quote by Peter Lynch, “Behind every stock is a company. Find out what it’s doing?” Well, I am going to alter that and say, behind every 401k there is a plan. Find out what is in it. Read it. I am speaking from experience here. Knowing your 401k plan rules …

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