The 1099-NEC form is an information return to report payments made to non-employees or independent contractors. The acronym “NEC” stands for “Nonemployee Compensation.” Before the 2020 […]
Outsourced tax preparation services refer to a professional services or software program that assists individuals or businesses in preparing and filing their tax returns. Tax preparation […]
What is FUTA? FUTA is a federal law that requires employers to pay unemployment taxes to support the federal-state unemployment insurance program. The program provides temporary […]
What is the qualified business income deduction? The qualified business income (QBI) deduction is a tax deduction for individuals who own and operate certain types of […]
Are you feeling anxious about not filing your taxes on time this year? You are not alone. Despite this being an annual occurrence, many people must […]
Starting a small business can be an exhilarating endeavor with opportunities and challenges. As you navigate the world of entrepreneurship, one crucial aspect you’ll encounter is […]
What is backup withholding tax? Backup withholding is tax withholding that requires a payer to withhold a certain percentage of payment to a recipient and remit […]
Employer tax liability refers to the legal responsibility of an employer to pay various taxes on behalf of their employees to the government. These taxes are […]