CPA Blog

CPA & Accounting Topics for Business
Feb
17

1099-K... Another Reason to Keep Accurate Records

Most of you are familiar with Form 1099. As you know on your tax return, you always want to declare sales greater than your total 1099's received.

However, there is a new form in town.... the 1099-K and it doesn't play fair.

In 2008, President Bush signed into law a bill known as The Housing and Economic Recovery Act of 2008. Now businesses that accept credit and debit cards (or 3rd party networks, such as Paypal) when making sales to customers are receiving this form from their credit card processing company. The 1099-K reports the total gross payment transactions for the year........

So what does this mean to the small business owner?

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Over decades of working with various types of businesses we have discovered Fisher is the perfect fit for clients who demonstrate the following characteristics.

1

Your business has already proven to be successful through continued growth.

2

Your market has a real need for your product and/or service.

3

You are an independent thinker.

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You are not a follower but instead you tend to lead or aspire to lead in your market.

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You understand the importance of learning how to improve your financial navigation.

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You are teachable despite of your previous success and you continue to seek personal development.

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You are actively seeking to improve your business.

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