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Sage Intacct's 2018 FAQs & Resources for Getting your 1099s Done

Your Best Option for Getting Your 1099s Done Quickly

With the 1099 season upon us, we’ve compiled a list of frequently asked questions to help you tackle all of your 1099 forms and reporting with Sage Intacct's Financial Management software.

Topics: 1099s back office Taxes Income Taxes compliance Awareness 1099 Accounting SaaS Sage Intacct FAQs

What to Do If You Missed the 1099 Deadline

If you missed my post a couple of weeks ago about the 1099 deadline, or if you simply fell behind and didn't get all your 1099-MISCs out the door to your vendors by the February 1st deadline, don't despair. The world is still turning and life is going to go on. It's not the end of the world, and you can still get yourself in compliance relatively easily. Doing nothing because you think it's too late is not a good option, though. That can get you into trouble with the IRS.

Topics: 1099s back office Taxes Income Taxes compliance Awareness

1099 Deadline is Approaching

February 1st is the deadline for submitting 1099s to recipients. If you are a business owner, CFO, Controller or responsible for your company's accounts payable department or tax filings, you may know that 1099s are an informational return that is required to be filed with the IRS to report individual income that is not reported on a W-2 as wages, salaries or tips. There is often some confusion about the 1099 process and related rules, and the February 1st deadline sometimes sneaks up on companies.

Topics: Blog 1099s Taxes compliance Awareness

The Complexity of Multi-Entity Management Will Only Get More Complex

No matter where you fall on the political spectrum, it's fair to call the current state of the US economy uncertain. Some signals indicate we are heading towards an all-out trade war that could redirect the flow of capital and lead to sweeping changes in the regulatory landscape. Other signals indicate that things will continue to be business as usual.

In spite of the unknowns, it's clear that some changes are certain in the near-term. Accounting and finance departments can expect these new or forthcoming regulations to necessitate a major revision in policies and operations:

Topics: Multi-Entity and Consolidations Regulations Taxes Multi-Currency

Don't Be Scared: How to Get Your Company's Financials Audit-Ready

For financial professionals, independent external audits of GAAP financial statements are an inescapable reality. For public companies, it’s a statutory requirement under SEC regulations and for many fast-growing private companies, it’s a necessity to meet the demands of lenders, VCs, and other stakeholders. There is even a possibility that the IRS could require a financial statement audit as part of a broader tax audit.

Topics: Blog Taxes White Paper Informational Audit and Internal Controls Awareness

The 10 Most Ridiculous Attempted Tax Deductions

Some tax-time humor from Intacct's View from the Cloud Blog:

If Christmas is the most wonderful time of the year, tax season certainly falls on the opposite end of the spectrum for most. As many of you are likely filing your taxes today or still recovering from the paperwork involved, take a break and check out our quiz of 10 of the most ridiculous things individuals and business owners have tried to claim as tax write offs. Do you think they were successful or did the IRS make them pay?

Topics: Blog View from the Cloud Intacct Taxes Income Taxes Awareness

Church Finance Departments: Don't get on the Wrong Side of the IRS

As Churches and faith-based organizations grow and redefine themselves, providing their congregations with more opportunities for engagement, socialization, and spiritual growth, those organizations are often finding new business opportunities. Not all of these opportunities, however, are necessarily directly related to the Church’s mission. This can create accounting challenges and tax issues for the finance staff. This guide is intended as a quick reference for Church and faith-based organization’s finance departments to determine what income is exempt and what income is considered unrelated and therefore taxable.

Topics: Blog Not-for-profit Industry unrelated business income tax UBTI Unrelated Business Taxable Income Taxes Faith-Based church taxes UBIT Informational tax Featured Posts Awareness

eBook: Ministerial Tax Issues

With Growth Comes Complexity

Among the many trends we see today all around the church, and among faith-based organizations, one of the most interesting is the expansion of multi-site churches. As congregations grow, it makes more sense for churches to establish new locations and spread the word to new communities. Social media and new marketing strategies are helping organizations grow to new locations and new audiences. The rise and ease of giving through smart phones and mobile devices is helping fuel this growth. A marked rise in volunteering is helping spread the good works of these churches, and demonstrate their importance to the community.

Topics: Blog Not-for-profit Industry Taxes Faith-Based non-profit eBook tax-free housing allowance ministry church taxes Informational tax not-for-profit Awareness

eBook: A Tax Guide for Church Internships

The Future of Church Staffing

The future of church staffing will likely see a combination of sources, but one of the key areas of development will be structured intern and residency programs. These target a younger generation in need of practical training, and provide an opportunity both for community involvement and church expansion. This is not just a trend among faith-based institutions. Not-for-profits and other organizations are leveraging interns for a variety of tasks.

Topics: Blog Not-for-profit Industry church accounting Taxes Faith-Based internships eBook ministry Income Taxes church Informational tax Accounting Featured Posts Awareness

Department of Justice Appeals Ministry Housing Allowance Ruling

A Ruling that Church Ministers' Housing Allowance is Unconstitutional has been Appealed...

Pastors and others in ministry find themselves in a very different world today - one with new challenges from those of a generation ago. One such challenge is the court ruling in November that declared church-provided, tax-free housing allowances for ministers unconstitutional. The appeal of this ruling may be very good news for the ministry due to the impending strain the additional expenses and reduction in income would cause.

Topics: Blog Not-for-profit Industry Taxes church ministry Faith-Based non-profit tax-free housing allowance Income Taxes Informational Accounting not-for-profit Awareness