We are Business Consultants At Christianson, we want to ensure that you are protected from liabilities with the IRS by giving you all the information you need to run your business in a legal and efficient manner. We want to help your business succeed! Today's tip is in relation to Form 1099-MISC and who is required to submit the form to the IRS. If, as part of your trade or business, you made any of the following types of payments of $600 or more to an unincorporated independent contractor, you will need to file Form 1099-MISC. Services performed (Box 7) Professional fees paid to attorneys, accountants, engineers, directors, speakers, etc Attorneys receive a Form 1099-MISC even if they are incorporated Installation Read More...
Archives for November 2017
Microsoft Dynamics GP and Intellego Updates
Christianson PLLP’s Systems Solutions team is full of Microsoft Dynamics GPTM and Intellego experts! Our experts wanted to bring your attention to the latest updates relating to these two software programs. Microsoft Dynamics GPTM Payroll Year End Updates have been released for the following GP versions: GP 2013, GP 2015, and GP 2016. The 2017 Year-End Update Changes include: No W-2 or W-3 Form changes EFW2 changes (required) Product Quality Fixes around Payroll Year-End – fixes will be noted in blog when we release Affordable Care Act Updates - Form and Code changes Fixed Asset Luxury Auto Depreciation changes **No Payables form changes** Intellego Intellego 16sp2 and Cinch Document Exchange 16.1 are ready for Read More...
TAX TIME – Keeping Records
At Christianson, making sure you're prepared and never at risk is one of our top priorities. One of the most commonly asked questions is: "how long do I have to keep my tax records?". This is important for both individuals and for businesses. Here's what you need to know: [video_player type="youtube" style="8" dimensions="560x315" width="560" height="315" align="center" margin_top="0" margin_bottom="20" ipad_color="black"]aHR0cHM6Ly95b3V0dS5iZS80OGRkNDU0LURoYw==[/video_player] How Long Should I Keep Records? The general recommendation is to keep tax records for 3 years from the date you filed your tax return. So for 2016 tax returns filed by April 15, 2017, the 3 year period expires on April 15, 2020. This is the timeframe that you Read More...
Do I Have to Report a New Hire?
At Christianson, we are always looking out for small businesses and making sure they have all the information they need to keep their minds at ease. Lately, we have heard questions surrounding MN New Hire Reporting so we wanted to give you some tips! First, have you hired a new employee recently? Did you know you need to report the new hire with the State of Minnesota? The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 requires ALL employers to report newly hired or re-hired employees to a state directory within 20 days of their hire date. New hire reporting speeds up the child support income withholding order process and expedites the collection of child support. What new hire information needs to be Read More...