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?
Forms
Form 1099-K – Big Changes for 2022
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
Annual Payroll Tax and Form 1099 Update
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
Affordable Care Act Reporting Deadline
Employers should be planning now to ensure they will be ready to distribute 2021 Affordable Care Act (ACA) Forms 1095-C to employees by the January 31, 2022 deadline. Last year, the IRS announced an extension for the 2020 forms deadline in early October; but it appears increasingly unlikely that an … [Read more...] about Affordable Care Act Reporting Deadline
New Form 1099-NEC for Reporting Non-employee Compensation
By June Callari, CPA, MBA and Vedha Krishnamoorthy, CPA Beginning with tax year 2020 (Form 1099s filed in January 2021), the new Form 1099-NEC, non-employee compensation, must be used to report payments of non-employee compensation (NEC). These payments were previously reported in box 7 on Form … [Read more...] about New Form 1099-NEC for Reporting Non-employee Compensation