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As we quickly approach the 1099 filing season, it is time to consider whether your business is ready to file.
 
For businesses, the most common Form 1099’s used are 1099-NEC and 1099-MISC.
 
Note that Form 1099-NEC is utilized to report amounts of nonemployee compensation, while Form 1099-MISC is utilized to report other forms of compensation; rent being the most common. The due date for furnishing 1099-MISC or 1099-NEC statements to recipients for the 2024 tax year is Friday, January 31, 2025.

The Corporate Transparency Act (CTA) was enacted January 1, 2021 and requires additional reporting on beneficial owners by many businesses. Most businesses have their first reporting requirements due by January 1, 2025.
 
Newly formed businesses (1/1/24 or later) have ninety days to file initial beneficial ownership reports.

Sammie Binning, CPA, has written the following article for the Greater Concord Chamber of Commerce, Chamber Review Newsletter.

Planning ahead for tax cuts and job act expirations

Rebecca Acorn, CPA, MST  • 

Form 720 is used to report various excises taxes owed to the federal government on a quarterly basis. So why write about it now, has there been a change to the Environmental, communication or fuel taxes? No, it is Part II - Patient Centered Outcomes Research Fee (PCOR) that warrants this article.