Entries by Leone McDonnell and Roberts

1099-K $600 Reporting Threshold Delayed

Form 1099-K is a report of payments a taxpayer received for goods or services during the year from: Credit, debit, or stored value cards such as gift cards (payment cards) Payment apps or online marketplaces, also called third-party settlement organizations or TPSOs These organizations are required to fill out Form 1099-K and send copies to […]

Teeing Up for Tax Season Success

As the year draws to a close, there’s one more item to consider for your small business’s to-do list: tax planning. While the end of the year typically marks a busy season for businesses as they try to optimize revenues, the time between November and December is also often the perfect time of year to […]

Financial Accounting Standards Board Approves New Cryptocurrency Standard

Cryptocurrency has long operated in a gray accounting area for taxes due to the complexities surrounding its classification and the potential challenges of enforcing virtual monies. The ambiguity of cryptocurrency created confusion among cryptocurrency users, making it difficult to accurately determine their tax obligations. This ambiguity also makes it challenging for tax authorities to trace […]

Generative AI’s Impact on the Field of Accounting

With all the talk surrounding the capabilities of ChatGPT and other artificial intelligence (AI) technologies, business owners are questioning if these “robots” can replace their accounting department. If they can write essays for college students, then why can’t they handle some debits and credits? The truth is that generative AI is already handling the simple […]

Nannies are Employees, Not Independent Contractors

When hiring a nanny, planning for a few tax implications is essential. There is a common misconception that a nanny is an independent contractor, which would require providing him/her with a 1099 at the end of the year for taxes. However, this is not true. Per the IRS, a nanny, or any household employee, is your […]