It’s that time of year again, when LF bookkeepers are ensuring they have all their W9s in order so printing 1099s in January is smooth and easy process. The sooner we can get 1099s issued, the sooner we can get your books closed for the year! If you are still not sure why or when you have to request a W9 from a Vendor, we have a Field Note for that, called When Do I Get a W-9.
Navigating the complexities of tax record retention can be challenging, but understanding which documents to keep and for how long can save you from potential audits and financial headaches.
Click here to download “Tax Records: What can you toss and what should you keep?
Florida Commercial Rental Rates Decreasing Effective December 1, 2023
– Effective December 1, 2023, Florida’s state sales tax rate on commercial rentals will see a reduction from 5.5% to 4.5%, marking a change with potential impacts on the local business landscape.
2024 Standard Mileage Rates
The Internal Revenue Service recently issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will change.
2024 Estimated Tax Payment Due Dates
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.
Department Of Labor Final Rule on Independent Contractors
The U.S. Department of Labor (DOL) released a final rule Jan. 9 that changes the criteria for classifying independent contractors. The final rule largely mirrors the DOL’s proposed rule and requires companies to weigh a variety of economic factors to determine whether a worker is an employee or an independent contractor. The final rule will take effect on March 11.
Check back for details.
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