Joe Payne is wreaking havoc on businesses left and right this time of year. Take Moe Money, for example. He had all of his year end transactions into QuickBooks, so he felt confident that he could get 1099s out to by the end of January. He sent his QuickBooks file to his accountant to get the forms out timely, only to find that he wasn’t prepared at all. Joe Payne had led him on again…..
- Moe hadn’t reconciled his bank account, several checks had not cleared the bank, and his vendor payments were overstated
- He paid some of his subcontractors with checks made out to cash, so those payments weren’t reflected for the vendor
- Some of his vendors were set up as an Other Name, so those payments weren’t showing, either
- He had some expense reimbursements in subcontractor checks, but hadn’t broken those out from payments for work done
Overall, he had a lot of work to do to get his 1099s out on time, and this was important stuff! His subcontractors were going to pay taxes on whatever he reported on that 1099.
If this sounds like you, call Seacoast Accountability. We are advanced certified QuickBooks ProAdvisors, are up to date on the new 1099 reporting requirements, and can give you the confidence that you are set up and reporting the correct amounts for payments to your employees and subcontractors.
Have you, or someone you know, fallen victim to Joe Payne? If so, call Seacoast Accountability NOW at (603) 834-1271, or schedule an online appointment. We offer a free consultation to review what your problems are, to estimate the cost to fix the problem, and will develop a strategy to be sure you are recording appropriate and accurate financial information for tax and management decisions.
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