With January out of the way, we are now in February and ever closer to Tax Season! As tax season approaches, you must ask yourself, are your books are closed, accurate, and prepared for filing? The best practice is to have your books closed at the end of the year, but if you have not done so yet, we have some tips we would like to share with you in these future newsletters!
With January coming to an end, this means tax deadlines are coming close! Speaking of deadlines, the 1099 forms are due at the end of this month! Not to mention, the IRS created a new form tied to 1099 filing, which is 1099-NEC. Now, you will need to figure out what is the difference between 1099-MISC and 1099-NEC. Do not worry, because we have a video to help you know the difference between the two!
But instead of stressing out, would you like some assistance in filing your 1099s now?
The second round of the PPP is now available to apply. Now is the perfect opportunity to apply for it! Do you qualify for the Second round of PPP? Here is what you need to know:
Employers who have no more than 300 employees.
Business Owners who previously got the PPP must have used up all of the 1st PPP funds entirely before applying.
In at least any quarter in 2020, your gross receipts must be at least 25% less than the same quarter in 2019.
While many of us are getting busy preparing for making it a great year, we are working hard to prepare you as well with a week into the new year! Most importantly, tax season is right around the corner and Estimated Quarterly Taxes are due this week! If you don’t know how much you owe, you could get in trouble with the IRS, which can be very scary, huh?
We're already halfway through December and before you know it, the new year will be here! While we are all excited for the new year, you need to get your 1099 Forms prepared early so you can get your W-9 Forms as soon as possible to have an easy start for 2021.
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