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Locum Tenens: 1099-NEC vs. W2

Part 1: Independent Contractor (Solo Practice) vs Employee What is Locum Tenens? Locum Tenens is defined as a person who temporarily fills the role of another, and this is most common in the medical field such as physicians (MD), physician assistants (PA), nurses (RN), advanced nurses (DNAP & CRNA) and other medical specialists (PT, OT,… Continue reading Locum Tenens: 1099-NEC vs. W2

1099 Series: 1099-NEC, Non-Employee Compensation

What is the 1099-NEC? The 1099-NEC is the informational and new way to report Non- Employee Compensation.  The Internal Revenue Service (IRS) reintroduced and began using it again in 2020.  It replaces the 1099-MISC for self- employment income.  If you are self- employed,  you can expect to receive one of these forms postmarked by January… Continue reading 1099 Series: 1099-NEC, Non-Employee Compensation

IRS LAST MINUTE CHANGE FOR 1099 K

Just recently, in its IR-2022-226 dated December 23, 2022, the IRS announced the delay in the implementation of the $600 reporting threshold for third party payment platforms’ Form 1099 K.  This means that Payment Settlement Entities (PSEs) will not be required to report tax year 2022 transactions on a Form 1099 K for the lower… Continue reading IRS LAST MINUTE CHANGE FOR 1099 K

1099-K

These days, debit cards and credit cards like Visa, Mastercard, Discover and American Express are commonly  used for all types of transactions.  And for sure, you have one of these payment apps installed on your phone – Venmo, Paypal, Stripe, Shopify, and Cash App.  If you are an independent contractor, freelancer, gig worker, side hustler… Continue reading 1099-K

The 1099 Series: What is the 1099? 1099-B and 1099-DIV

At 1099 Accountant, the online bookkeeping, tax and accounting service firm believes that knowledge is power.  An educated taxpayer and business owner makes compliance and tax filings more efficient.  There are several kinds of 1099’s and we will discuss the most popular.   What is a 1099? A 1099 form is an informational recording that an… Continue reading The 1099 Series: What is the 1099? 1099-B and 1099-DIV

Clean Up Catch Up Business Owners and Individual Taxpayers!

Finance. Accounting documents on the table

As we are coming to the close of another year, we need to make sure we have cleaned up/caught up and made solid tax saving plans for the tax year 2022, especially if you are new to business or have fallen behind. This is to be used as a guide to review all the important… Continue reading Clean Up Catch Up Business Owners and Individual Taxpayers!

Independent Contractor Checklist: Form W-9, Classification and Agreement.

Business Services

We love working with business service professionals. We provide online bookkeeping and tax services to all multiple types of business professionals are marketing consultants, sales consultants, web designers, nonprofit advisors, business coaches, and training services. We assist revenue recognition to IT and cybersecurity clients. We determine the right accounting methods of cash vs accrual accounting for ongoing projects. Provide the back-end virtual accounting resources for our ESG and sustainability consultants to become a B Corporation. Discuss with our Human resource consultants, diversity consultants, and executive employment recruiters to analyze the Minority and Women Business designations.

E-commerce

We love our E-commerce. We provide online accounting and tax services for Shopify and Square. We support the back office with the integration of the accounting system with their online store with Shopify and Square. Work on the profit margins of the online store and review the Cost of Good or Cost of Service to provide an accurate income statement and balance sheet. We reconcile the multitude of payment providers from your online stores to your bank account.

real estate

We love the traditional entrepreneur in the real estate industry, the independent real estate agent or real estate broker, specializing in rental, leasing, and sales. Are you taking the non-traditional route of Airbnb or VRBO? Do you prefer to be a real estate investor with a small portfolio? Property management? Or do you prefer to be in-home flipping? 1099 Accountant is well versed in the tax deductions for real estate. Long-term or short-term gains rules for real estate. For individuals, we can review the taxpayer-involved real estate activities to qualify for a real estate professional tax status and provide guidance for the Form Schedule C or Schedule E.