Cloud storage

Accounting Firm IT Strategy in the Cloud

Is your firm’s IT strategy positioning you for success? Today’s rapidly evolving advancements in artificial intelligence, accounting technology stacks, and remote IT architecture, as well as escalating security concerns, have created a significantly different IT environment than when most of us initially setup our firms’ IT infrastructure. Add to that, the reality that there is …

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man with hands on the money

Forms 1099-NEC and 1099-MISC and Instructions Updated

By Payroll Update Staff The IRS issued January 2024 versions of Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Income, and instructions. Form 1099-NEC.  All employers who remit nonemployee compensation of $600 or more must use Form 1099-NEC to report such payments (box 1). These include payments to independent contractors or specific professional fees, including to individuals, partnerships, estates, and …

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Albrquerque

New Mexico Adopts Regulation on Taxability of Receipts From Digital Advertising

By Peter G. Pupke, Esq. Effective December 19, 2023, New Mexico has adopted a regulation that specifies that receipts of a digital platform that displays digital advertising are subject to the state’s gross receipts tax (GRT). The state also amended a regulation on reporting GRT according to business location to add an example on reporting …

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Tax Brief

PRE-REGISTRATION REQUIRED FOR ELECTIVE PAYMENTS. More information about the IRS’s advance registration system is expected before the end of 2023. The pre-filing notice of the intent to claim and receive an elective payment must be submitted electronically in sufficient time to have a valid registration number (for each applicable credit property) at the time the …

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Five-Minute Tax Briefing December 19, 2023 No. 2023-24

Item for Thursday, December 14, 2023 FinCEN Issues Updated FAQs on Beneficial Ownership Information Reporting: The Financial Crimes Enforcement Network (FinCEN) has updated its frequently asked questions (FAQs) on the beneficial ownership information (BOI) reporting requirements that will take effect on 1/1/24. Enacted as part of the Corporate Transparency Act, certain business entities created or registered …

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