Should you file a 1099-NEC or 1099-MISC form this year?

Should you file a 1099-NEC or 1099-MISC form this year?

Prior to 2020, Form 1099-MISC was standard for non-employee compensation (NEC). This is no longer the case. Beginning with tax year 2020, employers should use Form 1099-NEC to report non-employee compensation. Here’s what you need to know to file correctly by the 1099...
8 Tax Minimization Strategies for Businesses

8 Tax Minimization Strategies for Businesses

Minimizing your company’s taxes is a year-round effort. Consider the following tax minimization strategies for your year-end spending and tax planning. 1. Section 179 Deduction for Investments in Property and Equipment Companies can deduct as much as $1 million for...
5 Accounts Payable Automation Myths

5 Accounts Payable Automation Myths

Accounts Payable (AP) automation give companies, large and small, an easily implementable business advantage. Some of the key benefits include time saved through faster invoice processing and cycle time approval as well as error reductions, money saved through on-time...
Why Opt For Outsourced Accounting Over Accounting Firms?

Why Opt For Outsourced Accounting Over Accounting Firms?

Whether you’re a publicly-traded company that’s admired as an industry leader, or you’re a scrappy startup that’s just barely beyond the launch, all businesses have the same basic goals when it comes to analyzing costs, weighing major financial moves, and ensuring...
Goodwill Accounting: What You Need to Know

Goodwill Accounting: What You Need to Know

When selling or merging a business, goodwill is referred to the intangible assets that represent the excess purchase price over the fair market value acquired during the purchase of an organization. Why is goodwill accounting important? From the seller’s perspective,...