For the 2024 tax year, the IRS plans to require companies running payment apps and online marketplaces – including ticket exchange or resale sites like Ticketmaster – to send Form 1099-K to anyone who received payments from them totaling more than $5,000 during 2...
To comply with federal and state government regulations, employers must file state unemployment insurance (SUI) reports. To create SUI reports, you must first process the Quarterly Weeks Worked report (R07810) to calculate the number of weeks that each employee works and to update tax history su...
The IRS made several revisions to the individual income tax return (Form 1040) during the 2018 tax filing season. One of the changes includes a new requirement for S-corporation shareholders to attach a tax basis schedule to their income tax return if any of the following occur: A loss is ...
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IRS recently announced a new enforcement campaign that targets and investigates sports industry partnerships reporting significant tax losses and tax compliance with the Internal Revenue Code.
Follow these steps to generate either an export file or a printed 1099 statement that you can send to a vendor, the IRS, or a tax preparer who will transmit the 1099 forms to the IRS on behalf of your organization. On the1099 fieldspage (Accounts payable > Periodic tasks > Tax 1099 >...
Follow these steps to generate either an export file or a printed 1099 statement that you can send to a vendor, the IRS, or a tax preparer who will transmit the 1099 forms to the IRS on behalf of your organization.On the 1099 fields page (Accounts payable > Periodic tasks > Ta...
We find that the likelihood that a nonprofit reports near zero taxable income is decreasing in size and when the taxable activity has a tax-exempt counterpart. We also find that charitable nonprofits are less likely to report near zero taxable income than are hospitals. Finally, we find that ...
9. Preparer Code (A = Accounting Firm, L = Self, S = Service Bureau, P = Parent, O = Other) 10. Agent Indicator Code 1 = 2678 Agent 2 = Common Pay Master (U.S. only) 3 = 3504 Agent 11. Other EIN (U.S. only) If an IRS form 941 or 943 was submitted for the same tax...
Follow these steps to generate either an export file or a printed 1099 statement that you can send to a vendor, the IRS, or a tax preparer who will transmit the 1099 forms to the IRS on behalf of your organization. On the1099 fieldspage (Accounts payable > Periodic tasks > T...