Posts Tagged ‘compliance’
1099 Forms Discussion!
It’s 1099 Time! Let’s talk about 1099 forms and how to prepare for this annual filing. Here is a brief overview of the requirements to help this process go more smoothly. What are 1099 forms? 1099 forms are information returns. The IRS has filing requirements for just about every kind of financial transaction you can imagine. Two of the most common 1099 forms for business owners are: Who files 1099 Forms? The forms report amounts…
Read MoreBOI reporting requirements for 2024
12/4/24 Update: A federal court has issued a nationwide injunction temporarily blocking enforcement of the Corporate Transparency Act and its reporting requirements. As of this update, businesses are not required to comply with the reporting requirements. Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports (BOIR). The reports are a new compliance requirement enacted by the Corporate Transparency Act that affects many small businesses. We’ve outlined a few…
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