1099-K

As often happens with the federal government, details regarding the 1099-K reporting requirements have been postponed for another year. Reporting payments received using online platforms, such as Venmo or Paypal will only be required this year for anyone earning more than $20,000. We are hopeful that congress will look at the current law and adjust the reporting requirements to a more reasonable amount for the future.



2023 1099-NECs

1099’s are required for anyone (except corporations) to whom you have paid $600 or more in a calendar year for services, including rent.  

1099-NEC forms are due on January 31st, 2024. However, we highly encourage our clients to request W-9s from their vendors and contractors now to avoid complications in January. If you are a bookkeeping or payroll client, please upload completed W-9s using your team members link in their email. If you don't know who works on your books, or you aren't a bookkeeping client, use this link to send forms to our office manager: Upload Document Link. And although cookies won't be available until later in January, dropping off documents is also an option!! Please wait to upload or drop off your forms until you have all of them together. The deadline to provide 1099 information to our office is January 15th, 2024.  

Organizer Season is right around the corner!

While many of you are dreaming of sugar plums and presents under the tree, the team here at JCPA is getting ready for TAX SEASON!! The time of year with little sleep, long hours, and endless cups of coffee. We want to take a few minutes here to mention a few housekeeping items - not to worry, much more information will come out in January.

1. Organizers will be sent out on or around January 22. We are again using our secure Safe Send program to send them out and will be encouraging more clients to use this method of completing the organizer this year.
2. As you begin compiling your year end documents, remember that our software does not like pictures!! Please visit our website under resources to learn how to turn the picture you take into a PDF. Your preparer will thank you!
3. We will not start any returns until at least 90% of your documents are submitted. Please review last year's return to remind you of what you sent us and once you have everything gathered, you can upload the documents all at once.
4. As in years past, we are encouraging you to get your organizer and documents to us sooner rather than later. Our internal deadline of March 15 guarantees that we will be able to complete your return before the April 15 IRS deadline. If you submit your documents between March 16 and March 30, we will do our best to get your return completed by the April 15 deadline, but we cannot make any guarantees. All organizers submitted on April 1 and beyond will automatically have an extension filed on your behalf. In addition, anyone who either knows they aren't going to be ready before March 30 or is willing to volunteer to be extended, will have the $50 extension fee waived this year. You just have to let us know before March 15.

From The Desk of Carrie Jellison

2023 marked my 25^th year as a CPA. I started my career at a small firm in Brighton, moved on to a firm in Bloomfield Hills until opening my own practice 18 years ago. When I started my career, I was newly married with no children. I have been married for 29 years, have a 26-year-old, 22-year-old and a 19-year-old. Where has the time gone and why does it seem to be flying by?

As proud as I am of the family I have nurtured, I am also proud and grateful for the firm I have built and the clients that have blessed me with a career that I have been able to sustain for many years. Accounting is not an easy career and at times often very demanding and difficult, but more times than not, it is a rewarding career, and I am grateful that my clients put their trust in me. 

I am also so fortunate to have a superior and supportive staff that has helped to shape the firm that I have today. We have made tremendous strides to become a more paperless, user-friendly firm. We have invested in technology upgrades (new phone system), software upgrades (SafeSend) and knowledge-based programs to increase our understanding of the ever-changing tax landscape.

We sometimes lose sight of the important things that are happening in our personal lives and often don’t share those milestones and events with our clients. We want to take this opportunity to share with you our families and to wish you all a very Merry Christmas, many blessings for the New Year and a Happy and Healthy 2024!!