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Aprio Cloud Blog

Important Changes to the 1099 Filing Process

By Kevin Loiselle • December 9, 2020 at 11:01 AM • Tax and Compliance, Tips & Tricks

The IRS has made changes to the annual 1099 filing process that most employers have become accustomed to. These changes will be effect for the 2020 tax year and employers can expect a new process and set of forms to complete. This reporting change comes alongside increased penalties for failure to file and/or provide both 1099 forms - these fees can be as high as $500 per payee and $250 per copy not submitted to the IRS.

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What is the FBAR and do you have a filing requirement this year?

 

10/13/2020  UPDATE

Taxpayers with Foreign Bank Accounts Affected by U.S. Natural Disasters Get FBAR Deadline Extension

If you are a U.S. taxpayer that typically files a Foreign Bank Account Reporting (FBAR) form on FinCEN 114 and you have been affected by the recent natural disasters in the U.S., such as the California or Oregon Wildfires, the Iowa Derecho, and Hurricanes Laura or Sally, the deadline for filing your FBAR has been extended to December 31, 2020.

This extension provides an additional two months from the original extension date of October 15, 2020, and applies to those whose records are located in the disaster areas, even if the taxpayer does not reside there.

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Treasury & IRS Issue Guidance on Tax Payment Deferment to July 15

By Bruce A. Phillips, CPA • March 19, 2020 at 3:29 PM • Tax and Compliance, COVID-19 Updates

Information regarding federal tax day changes

UPDATE 3/20/2020

Today, Treasury Secretary Steven Mnuchin has said (via twitter) that President Trump has directed him to move Tax Day from April 15th to July 15th.

His follow-up tweet encouraged taxpayers, if eligible for refunds, to go ahead and file early to get their money. 

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Prepare for the New Sales Tax & Nexus Requirements

How does the June 21, 2018 Supreme Court ruling of Wayfair v South Dakota impact sales tax nexus for e-commerce business owners?

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How to Obtain Benefits for Your US Employees

Hiring talent from a skilled pool of candidates can have its challenges, especially for a foreign company that is expanding to the United States. To attract prospective employees, a common topic is benefits. Employees in the US, especially key employees, will expect things like health insurance and retirement plans. Obtaining benefits can be challenging, not to mention all the other requirements to be compliant with local state and city payroll requirements. Below are two of the more common solutions for obtaining benefits and managing payroll and HR requirements in the US.

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Veem Enables Aprio Cloud Accounting & Tax Clients' International Payments

Aprio Cloud's partnership with Veem makes life easier for our global tax and accounting clients who send and receive money internationally. Veem allows for firms to send and receive payments to over sixty countries—and counting! Through multi-rail payment technology, Veem provides a convenience and a seamless global payment solution that eliminates the middleman. This equates to faster transfers, better tracking, and lower costs.

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The Difference between an Independent Contractor and an Employee

By Tina Duncan • June 5, 2017 at 12:00 PM • Payroll / HR, Tax and Compliance

 

One of the most basic questions about the employment relationship is whether a worker is an employee or an independent contractor. As with so many employment law issues, the answer is, "It depends”.

Employee status triggers employer obligations under various federal and state laws that do not apply to independent contractors, and the responsibility for classifying a worker is the responsibility of the employer. When determining if a worker should be classified as an Employee or an Independent Contractor there are many variables. Aprio Cloud can offer a wide variety of information to help clients make the right classification.

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