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As we quickly approach the deadline for filing 1099-MISC, it is time to consider whether your business is ready to file.
 
The due date for furnishing 1099-MISC statements to recipients and to the IRS for the 2019 tax year is January 31, 2020. Form 1099-MISC, Miscellaneous Income, is an informational return used by the Internal Revenue Service (IRS) to report payments made to non-employee individuals or unincorporated businesses during the calendar year. As the filing of Form 1099 remains a hot topic with the IRS, it is more important than ever to consider whether you are required to file Form 1099 in the course of your trade or business. 
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Wednesday, the IRS released Notice 2019-59 which provides cost of living adjustments for retirement plans for 2020. 
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401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits have increased $500 to $19,500. The annual catch-up limitation for employees over age also increases $500, to $6,500.
 

Yesterday the IRS released inflation adjustments for the 2020 tax year. 

The standard deduction for married filing jointly taxpayers is increasing $400 to $24,800. It will be $12,400 ($200 increase) and $18,650 ($300 increase) for single and head of household taxpayers, respectively.

We are changing the way we internally access our clients' QuickBooks Online accounts and would like to request you to make an update on your end.  Currently you’ve invited your accountant as the accounting firm for access to your QBs. We would like to change this to our new firm account which is qbo@masonrich.com. 

​You can complete this change by taking the following steps: