Maria Tanski-Phillips, Author at Patriot Software

Patriot Software Maria Tanski-Phillips

Make Way for the Revived Form 1099-NEC in 2020

form 1099-nec

After a 38-year absence, Form 1099-NEC is making its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC.

So, move over, Form 1099-MISC. There’s a new sheriff in town and its name is Form 1099-NEC.

Continue reading “Make Way for the Revived Form 1099-NEC in 2020”

Calling All Corporations! What Is Form 1120?

what is form 1120

As a business owner, you have so many responsibilities, yet so little time. You need to handle your business’s books, manage day-to-day business operations, and keep your business on track for success. In addition to your countless other tasks, you need to file a small business tax return.

If you’re a corporation (or file as a corporation), you need to file Form 1120 for your tax return. Read on to learn what is Form 1120 and whether your business needs to file one.

Continue reading “Calling All Corporations! What Is Form 1120?”

The Three Golden Rules of Accounting You Should Always Follow

golden rules of accounting

You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way they want to be treated.

If you want to keep your books up-to-date and accurate follow the three basic rules of accounting.

Continue reading “The Three Golden Rules of Accounting You Should Always Follow”

How Often Does Social Security Tax Increase?

social security tax increase

As an employer, you’re responsible for keeping up with the latest tax news and withholding the correct amount of taxes from employee wages. One tax that you constantly need to keep up with is Social Security tax.

So, how often does Social Security tax increase? Read on to learn how frequently the Social security tax rate and wage base change.

Continue reading “How Often Does Social Security Tax Increase?”

Do You Know the Types of Partnership in Business?

types of partnership

When you start your venture, you have a number of decisions to make. What are you going to offer? What market are you going to target? Are you going to run your business solo or have a helping hand? If you don’t want to run your business alone, you might consider forming a partnership.

Read on to learn about the different types of partnership and how each can benefit your small business.

Continue reading “Do You Know the Types of Partnership in Business?”

Are You Familiar With the IRS Per Diem Rates?

irs per diem rates

When your employees travel for work, you might consider covering some of their travel-related expenses. To do this, you can offer per diem pay.

You have a couple of options when it comes to reimbursing employees for business travel costs. Read on to learn about the IRS per diem rates and when and how to use the different rates.

Continue reading “Are You Familiar With the IRS Per Diem Rates?”

How Much Do You Know About the Four Basic Financial Statements?

four basic financial statements

If you’re a small business owner, you know how important it is to keep your financial information in order. But to keep your finances organized, you have to know about the four basic financial statements and how you can use them to grow your small business.

Continue reading “How Much Do You Know About the Four Basic Financial Statements?”

Which Financial Statement Is Prepared First?

which financial statement is prepared first

Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success.

Now, you can’t go off creating your different financial statements all willy nilly. Like many things in business, you have to follow an order.

Read on to learn the order of financial statements and which financial statement is prepared first.

Continue reading “Which Financial Statement Is Prepared First?”

Which Payroll Taxes Are the Employee’s Responsibility?

which payroll taxes are the employee's responsibility

As an employer, you’re well aware of which payroll taxes are paid by employers. You know you’re responsible for contributing to things like FICA, SUTA, and FUTA taxes. But how familiar are you with employees’ payroll tax liabilities?

Read on to find out the answer to Which payroll taxes are the employee’s responsibility? and check out a handy chart that breaks down the different employee payroll taxes.

Continue reading “Which Payroll Taxes Are the Employee’s Responsibility?”

How Will Leap Year Payroll Impact Your Business in 2020?

leap year payroll

Every four years, February magically has 29 days instead of 28. Ok, so maybe it’s not magic. But it is a leap year. And when leap year rolls around every four years, your business needs to be prepared. Read on to learn about leap year payroll and steps for handling payroll during a leap year.

Continue reading “How Will Leap Year Payroll Impact Your Business in 2020?”