Cloud tools can automate the process of collecting and verifying all of the different items required by the business to report to the IRS. An accounting firm that handles the process for multiple organizations is better prepared and equipped.
Businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or subcontractor: you have until February 1, 2016, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients.
This IRS Form 1099-Misc is for reporting income received from Jan. 1 to Dec. 31, 2015, which the recipient will file a tax return for in 2016.
Now is the time to start thinking about recent tax changes and how they affect your business. Even for the most organized among us, keeping the mountains of tax details straight is a tough and trying task, taking the focus off of the daily ...