Do you know how the IRS defines which workers need a 1099? Do you know how to file them? Do you know what the penalties are for filing late or for ignoring them? If you're not on our newsletter list, here's what you missed.
1099s are to be postmarked by January 31st if mailing or submitted by January 27th if you are e-filing.
Why do I have to file a 1099 MISC?
The IRS requires businesses to send out Form 1099 MISC to small businesses or independent contractors to whom you paid $600 or more for services in the calendar year. You must send one to anyone you paid for services if…
“It’s tough being a stickler for punctuation these days. One almost dare not get up in the mornings.” So says Lynn Truss, in her humorously informative book, Eats Shoots & Leaves: The Zero Tolerance Approach to Punctuation. Here at HR Business Solutions, we’re sticklers for tidy books, which is why we get excited about bookkeeping clients asking us to go through and make sure everything is correct (or that it gets corrected!).
If you’ve ever said to yourself, “I hate the details – but I know more or less what’s been done in my bank account this month” then we’d love to put all the P’s and Q’s in order for you so you’ll have an accurate picture of “the big picture.”
Here’s why meticulous bookkeeping is so important:
When you think of “compliance” in your start-up or small business, what comes to mind?
Whether you’re providing a product or a service, it’s important to follow all the necessary rules and regulations for your field. Being interrupted by red tape during your busy season is a nuisance. What’s even worse is watching profits disappear into paying fines. You can save yourself both time and money by making sure you’re up to snuff. Here are several basic categories to check out when making sure that you’re in compliance: