Quality Accounting

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https://www.newsnationnow.com/business/your-money/irs-says-you-must-report-stolen-property-as-income-unless-you-return-it-the-same-year/

IRS: Report stolen property as income, unless you return it The Internal Revenue Service says you’re supposed to report anything you stole this year as income on your tax returns — unless you return it.

https://www.cnet.com/personal-finance/bidens-next-two-stimulus-bills-5-ways-you-could-see-more-money-in-2021/?fbclid=IwAR3mcZ0TErK6_7FFK5NFoGCYRlZvC3d19fTcOnKY2AVxDwldTwwla1XCgKk

Biden's next two stimulus bills: 5 ways you could see more money in 2021 Another stimulus check isn't the only way you could benefit from the combined $3 trillion if both bills pass in 2021.

https://financialhotspot.com/2020/12/04/what-you-should-know-about-virtual-accounting/?fbclid=IwAR218GXcDyG2nFzB-SzJMKdmet24GZC7u5l6eG-N6NYTg2zd3XNsAcJxGT8

What You Should Know About Virtual Accounting | www.financialhotspot.com Modern technology can give you an edge over the competition, and virtual accounting is the key to making it happen.

If you are wondering about your stimulus payment;

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

https://www.newsnationnow.com/business/your-money/you-can-likely-file-your-taxes-for-free-but-are-doing-it-the-wrong-way/

You can likely file your taxes for free, but are doing it the wrong way Tax season is about to begin, but many Americans are paying to file their taxes, despite the fact it should be free.

If you had a baby or added a dependent in 2020, you may be eligible to claim any missed stimulus payments on you 1040 (line 30).

Remember that 2020 1099s and W-2s need to be sent out by 1/31/21

Happy New Year All!
If you needed to send an estimated payment to the IRS for 2020, it needs to be postmarked by today (sorry for the late post).

As year-end is quickly approaching, make sure you have the right forms for annual filings.
The IRS has redesigned the 1009-Misc for 2020. Anything that used to be reported in box 7 of the 1099-Misc must now be filed on a 1099-NEC.
If anyone has questions about this, contact me and I can talk you through it easily.

With Q3 over, make sure your business is ready to prepare quarterly payroll reports.
Also, the 4th quarter is a great time to start preparing for year-end, to avoid the year-end panic.