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January 2018 Newsletter

 

1099’s & W-2’s are due to both the taxpayer AND the government by January 31.  Please make sure we have all of the necessary information no later than January 25th.

  • If you are a bookkeeping client, we will automatically prepare your 1099s once we have received any missing information.
  • If you are NOT a bookkeeping client, we cannot automatically prepare your Forms 1099 because we do not have the necessary information. If you wish for us to prepare Forms 1099 for you, please contact us.

Year End: To assist in the processing of year-end financial statements and tax return please bring the following (as they apply to your business) with your regular monthly bookkeeping documents for December:

  • Year end balance on all loans as well as amount of interest paid in 2017
  • Inventory balance
  • Accounts Payable balance
  • Accounts Receivable balance
  • Any Forms 1099K that you receive

Withholding Changes: The IRS is working to develop withholding guidance to implement the tax reform bill signed in December. The new 2018 withholding guidelines will allow taxpayers to begin seeing changes in their paychecks as early as February. If you use software to calculate your payroll, please be sure to check for updates. Employers should continue to use the existing 2017 withholding tables at this time.