Author: Speedy Tax Preparation & Bookkeeping Service |
Reporting rules are changing for certain businesses beginning in 2022. Debbie Pflieger of EY’s Financial Services Organization highlights what you need to know about Form 1099-K, Payment Card, and Third-Party Network Transactions.
Beginning in the tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card, and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS. This change will substantially increase the number of Forms 1099-K required to be filed with the IRS and furnished to recipients in early 2023.
Whether you’re a budding entrepreneur or an established business owner, properly managing your finances can stabilize your company making it less likely to fail. However, it can be an overwhelming job when you have to handle all of those complex accountancy tasks. In such situations, a professional financial expert can serve as a valuable asset in your business. With their expertise and knowledge, they can assist you in managing your finances and help propel your business’s operation forward.
For the purpose of quick and smooth communication, every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the tax business is no exception.
Whether you’re employed or self-employed, everyone with a taxable income owes taxes to the government. Paying your taxes is a civic responsibility and a requirement of the law, and if you fail to do so, you could face penalties, fines, or worse, get imprisoned. Therefore it’s essential that you get yourself prepared before the tax season starts. Consult with a reliable financial advisor if you don’t understand how tax systems work. These professionals will make the process as simple as possible and help you save time and money.
Did you know that every year thousands of tax returns are rejected due to inaccuracies? These incorrect details are usually the result of carelessness, unawareness, or misinformation. As tax season is nearing, you need to make sure that you understand what must be done to avoid errors that can get your returns rejected or, worse, incur penalties and inquiries from the IRS.
