With the coming of a new year means W-2s and 1099s are due right around the corner. The due date for both is January 31, 2019. You will need the following information in order to accurately and timely report your 1099s: Social Secuirty Number or Federal Identification Number Individual of Business name Current address of person or business that will require a From 1099. Additionally, you will want to verify the information on your employee’s W-2 forms. Ensure the following is accurate: Each emp
Many small and medium-sized businesses use varying basis of accounting depending on their financial reporting requirements. For companies preparing their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), recognizing revenue could become a more complex process with the Financial Accounting Standards Board (FASB) passing their Revenue from Contracts standard. The standard provided a much more specific model for recognizing revenue that what was used in the past. For non-
The new Cost-Of-Living Adjustment (COLA) increases have come out for the year 2019. In the link below we have comparison of the 2019 and 2018 COLA dollar limitations on benefits and contributions. COLA increases 2019-2018 If you have any questions, please contact Lori Plescia, CFP®, CPA, PFS, QPFC at email@example.com or 314-576-1350.
The Tax Cuts and Jobs Act (TCJA) created a new deduction for qualified business income. However, business income that comes from a specified service business is not eligible once taxable income reaches a certain limit. So, what is considered a specified service business? The IRS definition includes businesses that involve performance of services in the field of health, law, accounting, actuarial science, performance arts, consulting, athletics, financial services, or brokerage services. The term also includ
The Tax Cuts and Jobs Act (TCJA) made significant changes to the tax law, most notably the addition of a new deduction for qualified business income. Qualified business income includes the ordinary income from sole-proprietorships, single-member LLCs, partnerships, S-corporations, and some rental income. It does not include wages, guaranteed payments, or investment income. If you do have qualified business income, your eligibility for the deduction depends on the type of business and your personal taxable i