Theresa Arndt, CPA

Another year has flown by and is almost in the books. With that means the Form 1099-NEC and 1099-MISC filing deadline is just around the corner ( January 31 for most).  Here are some key facts to remember about 1099's as we approach the new year. 1)  Bank account activity needs to be entered and reconciled through December 31. So if you’re not caught up through November (or September if a quarterly A&Co client), you’ll want to get on that ASAP so that there’s only one month/quarter to do in January. NOTE: Checks dated in 2023 that don’t clear until 2024 still must be counted towards 2023! They’ll simply appear as an outstanding item on the bank reconciliation. 2)  Anyone paid $600 or more  for services OR rents OR potentially a combination of services and materials by cash, check, or bank wire/ACH/transfer ( cumulative in the calendar year) require a 1099-MISC to be filed, unless the Form W-9 indicates otherwise…a little more on that later. Payme...

Many of you are asking where we stand on tax reform for next year and how will it affect your taxes.   Here is what we know right now… 2017 Tax Reform: Key differences between the Senate and House tax bills The Senate and the House have each passed their own version of the “Tax Cuts and Jobs Act.” The two versions of the bill have many similar provisions, but they also have a number of key differences that will have to be reconciled by the Conference Committee as the two bills are merged into a single piece of legislation. It is unclear at this point how these differences will be resolved.  There is a general inclination that the Senate's provisions carry slightly more weight since the Senate is subject to budgetary restraints as part of the reconciliation process and there is less flexibility to make changes to their bill. The House voted on December 4 to go to conference with the Senate to reconcile the two bills and the Senate is expected to name conferees...