by Janet Kanan, EA | Feb 3, 2022 | Tax
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make...
by Janet Kanan, EA | Jul 21, 2020 | Business, Tax
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020,...
by Janet Kanan, EA | Apr 10, 2020 | COVID-19
Michigan has started sending out this notice regarding unemployment compensation: “The Unemployment Insurance Agency records show you recently established a claim for unemployment benefits. This notice is to advise you that an addition to your weekly benefit amount,...
by Janet Kanan, EA | Dec 2, 2019 | Blog, News
VISA/Mastercard Settlement to Merchants On December 13, 2019 the Court granted final approval to a settlement filed on September 18, 2018 in the amount of $5.54 billion. The lawsuit is about claims that merchants paid excessive fees to accept Visa and...
by Janet Kanan, EA | Nov 15, 2019 | Business
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay non-employee compensation, as well as file copies...
