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Form 1099-NEC

Is your business ready for the tax deadline that’s on Groundhog Day this year?

Employees, Independent Contractors, Small Business, Small Business Owners, Small Business Tips, Social Security, W-3 Transmittal Of Wage And Tax Statements, Wage and Tax Statement /

Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that date falls on a Saturday. So the deadline is the next business day, which happens to be Groundhog Day: February 2, 2026. W-2s for employees By February 2, employers must furnish and/or file these […]

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Significant changes to information reporting go into effect for the 2026 tax year

Employees, Federal Income Tax, Independent Contractors, One, Big, Beautiful Bill Act, Small Business Tax Tips, Small Business Tips, State Income Tax, Taxes and Tips, Tips And Overtime /

If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and overtime income For 2025 through 2028, the OBBBA creates new deductions for employees who receive qualified tips income

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Payroll tax implications of new tax breaks on tips and overtime

(FLSA) Fair Labor Standards Act, Employees, Federal Income Tax, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Payroll Tax, Self Employed, Small Business, Tips And Overtime /

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to

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Businesses: The Form W-2 and 1099-NEC deadline is coming up fast

Employees, Federal Taxes, Independent Contractors, Small Business, Small Business Owners, Social Security Administration, Taxes 2024, Taxes 2025, Wage and Tax Statement /

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the wages

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Gig workers should understand their tax obligations

Gig Economy, Independent Contractors, Side "Gig", Tax /

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands

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Help ensure the IRS doesn’t reclassify independent contractors as employees

Employees, Federal Income Tax, Independent Contractors, Internal Revenue Service (IRS), Payroll Tax, Small Business /

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an

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