Independent Contractors – DougFreemanCPA.com

Businesses may receive notices about information returns that don’t match IRS records

(TIN) Taxpayer identification Number, Financial Institutions, Internal Revenue Service (IRS), Matching IRS Records, Small Business, Tax Return / Douglas Freeman

The IRS has begun mailing notices to businesses, financial institutions, and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect […]

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The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

Form 1099-Misc, Form 1099-NEC / Douglas Freeman

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). The requirement begins with

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Need another PPP loan for your small business? Here are the new rules

(CAA) Consolidated Appropriations Act of 2021, Business Income Tax, Business Loans, Paycheck Protection Program / Douglas Freeman

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics. The CAA permits

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Small businesses: Get ready for your 1099-MISC reporting requirements

2019 Tax Forms, Form 1099, Form 1099-INT, Form 1099-Misc / Douglas Freeman

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time-consuming and there

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Should you file Form SS-8 to ask the IRS to determine a worker’s status?

Employee Tax Audit, Federal Income Tax, Income Tax, Independent Contractors, Small Business, Tax Deduction / Douglas Freeman

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form

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