Tag: IRS

Prior to 2020, nonemployee compensation was reported on 1099-MISC in Box 7.  The IRS has now reinstated Form 1099-NEC to report nonemployee compensation separately from other types of income reported on Form 1099-MISC.  Some of you may remember this form was last used in the early 1980’s! The new 1099-NEC impacts many businesses, with filers […]

By: Heather R Cunningham Over the past several years, tax-related identify and refund fraud has become much more prevalent.  Identity thieves file tax returns using stolen social security numbers and claim false refunds.  They often file electronically and early in the year before the IRS is able to verify the information being submitted, and before […]

by: Graham Blackburn Throughout history, people have harbored a certain degree of anger and fear for tax collectors.  The modern day IRS is not too different.  It’s a massive organization tasked with implementing a tax system that is simultaneously complicated and impactful.  The dreaded IRS audit is the primary source of fear, but with a […]

By Bob Casmer By now almost everyone has either experienced for themselves, or heard stories about someone they know being the target of an identity theft or scam.  It is no surprise that as technology has evolved over the past several decades and our reliance upon computers and the internet to handle all phases of […]

By: Mario Ciclone The IRS has informed that delays in tax refunds will be primarily due to the continued increase in cases of identity theft and income tax fraud. One common type of identity theft and tax fraud is someone attempting to file a tax return using your social security number and claiming a false […]

by: Kevin Stedman Our original post on the Affordable Care Act was written in September 2015 and covered many FAQ’s and scenarios for businesses that may have to comply.  The following is an update to that post: Beginning this month, Internal Revenue Code (IRC) Section 6056 requires Applicable Large Employers (ALEs) to file information returns […]

by: Yvonne Chmielewski If you are a business owner, you have payroll taxes. As the Internal Revenue Service has intensified its payroll tax compliance program focusing on small businesses, it is not wise to take this responsibility lightly. What taxes should you pay? Every employer must account for federal income tax, federal and state unemployment […]

It’s not time to put your dollar bills into memory capsules yet, but the use of convertible virtual currencies — including the Bitcoin — appears to be on the upswing. In addition to announcements that Bitcoins will be accepted by some high-profile companies, such as Overstock.com, Microsoft, and PayPal, 80,000 other firms have reportedly jumped […]