There are many noteworthy tax changes and updates that will impact both individual taxpayers and businesses alike in 2023. Bonus Depreciation First-year bonus depreciation isn’t as valuable in 2023 as it was for the past few years. For 2022, businesses were able to deduct the full cost of new … [Read more...] about Tax Changes Ahead for 2023
To assist in gathering your 2022 tax documents, here is a reminder of where to obtain a copy of your information return related to your Social Security Benefits. If you are a nonresident alien and you received or repaid Social Security Benefits, you will receive Form SSA-1042S. All others receiving … [Read more...] about How to Obtain Your 2022 SSA-1099
What is a Form 1099-K? This is an IRS tax form that summarizes transactions made by third-party settlement organizations. These companies are typically payment processors such as credit card companies, PayPal, Venmo, or Square. You may receive a Form 1099-K if your business processes a significant … [Read more...] about Deferral of Form 1099-K Requirement
IRS Form W-9 is used to request a taxpayer identification number, as well as the individual or business name and complete address. The information provided on this form is used by a business (the payor) to determine if an annual information return (Form 1099-NEC and 1099-MISC) is required to be … [Read more...] about What is Form W-9 and Why Do I Need It?
Form 1099-K, Payment Card and Third-Party Network Transactions is an IRS information return used to report transactions made via payment settlement entities. If a business accepts payments via credit card, debit card and third-party payment networks like PayPal, they will receive a Form 1099-K for … [Read more...] about Form 1099-K – Big Changes for 2022
Payroll Tax Update NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees, in addition to New York State provisions providing up to 14 hours of emergency sick time due to Covid-19. This requirement is based on the … [Read more...] about Annual Payroll Tax and Form 1099 Update