Form 1099-NEC and independent contractors Internal Revenue Service
Whether you receive a 1099-NEC or need to issue one to a contractor, having clear, accurate, and up-to-date books are essential when it’s time to file your taxes. Your Bench bookkeeper can provide detailed year-end financial statements, including a 1099-specific report, that make tax filing a breeze. While the main factor is your income level, […]
REG CPA Exam: How to Identify Permanent vs Temporary Differences to be Reported on a Schedule M-3
The closure of temporary accounts is a critical step in the accounting cycle. During this process, the balances in revenue, expense, gain, and loss accounts are transferred to the income summary account. The income summary account provides a summary of the net income or net loss for the period, which is then transferred https://www.bookstime.com/articles/legal-e-billing to […]