This year could not come to an end any sooner for most and yet there is much to be done before it’s over! Get things filed before the start of Q1 and wrap up those transactions to put a bow on 2020 and send it off.
For those business taxpayers paying or receiving non-employee compensation (aka contractors), there is now a new IRS form that you must use in your reporting. Payers must report any payment of $600 or more to a payee in the calendar year by completing Form 1099-NEC (Non-employee Compensation).
It has felt like a trial of sorts over the past 3 months of our lives. A trial to see how well we come together over the hurdle of a microscopic problem. This hurdle in comparison would put Mount Olympus to shame. We were asked to abandon our everyday lives and adapt to a new way of life.
ANY CRISIS results in a financial impact on the business & affects the company’s financial health. Ensure you have pieces in place to mitigate any loss. Contingency planning is crucial.
Q4 is quickly coming to an end! Review the end-of-year checklist to ensure all proper corporate due diligence obligations are handled
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