It's that time of the year again!
We are getting ready for Forms 1099 / 1096 IRS reporting.
I know that IRS compliance isn't the most fun thing in the world, but it must be done! We have taken steps to make this as painless for you as possible.
Dime will be processing 1099's in very early January. Just to make sure you know how all of that works, we will be scrubbing your vendor files and cleaning up any issues. If we are missing any Social Security Numbers or mailing addresses we will be contacting you to get that information tracked down! Please be diligent in getting this information to us! The IRS has a very strict deadline that must be met and there is a $100 fine for any late 1099's.
Please have all updated W9 forms and missing vendor info to us ASAP.
Once all of the information is nailed down we will send everything to you to review. After your review and approval, we will submit everything on your behalf to the IRS. We will also send 1099s to all of your contractors. We will bill you $2 per 1099 with a $100 minimum charge, plus an $85 submittal fee (There may be additional fees if your state requires filing).
If you use Dime for your payroll services, click HERE for the payroll year end checklist
** BTW : We do hundreds of tax returns every year. If you, your family or your employees need tax planning or for some professionals to complete your tax return, please email email@example.com We're ready to help!
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019 https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2020
One last thing:
In 2019 the USPS increased postage rates. At that time, we kept our postage and handling rates the same. Effective February 1, 2020 there will be a slight increase for postage and handling on any checks that we cut for you. The new rate will be $1.10 per check.
If you have any questions please contact us.
For your convenience, you can access all our year end checklists HERE!