Bapple and Bapple, Inc. is a Certified Public Accounting Firm located in Crown Point, Indiana. Our firm has been helping clients with their accounting needs and concerns since 1985.
Our office of trained professionals work hard to meet and exceed our clients' expectations.
Hello to all of our business clients,
The first wave of tax season, the preparing and filing of W-2 and 1099 forms, has come to a close. As you know W-2s are issued to employees and 1099s are issued to independent contractors. While everyone is aware that tax information Forms W-4, WH-4, and I-9 are required to be provided by employees, not everyone is aware that Form W-9 should be filled out by all independent contractors that perform a service for you and by anyone to whom you pay rent.
Examples of independent contractors include consultants, construction contractors, cleaning services, lawn maintenance companies, and attorneys.
Click on the resource tab to find a pdf of a blank W-9 form that you can copy and give to any independent contractor to fill out. Ideally the W-9 should be filled out by these individuals before the job begins or at least before you issue them a check for their services. Obtaining the information up front will make it much easier on you when 1099s are due to be issued. As some of you have experienced this past month, it’s not always easy to contact someone months after they have performed a service and get them to fill out and return the form.
Please call the office if you have any questions about 1099s or the W-9 form.
SCAMS, FRAUD, & TROUBLE FOR ALL
Please be aware that there have been numerous viruses disguised as QuickBooks updates, notifications, etc. If in doubt, go to the following site, https://security.intuit.com/security-alerts.php which give you a list of fraudulent emails from using QuickBooks and Intuit products. The Bapple and Bapple staff wanted to alert you to these scams. As always, please call us with any questions you may have.
Crypto-currency Transaction Information
The last two years have seen an explosive growth in the use of Crypto-currency. Below is some important details from the updated guidance at year end 2021. There are 7 activities that require individual transaction reporting in addition to just reporting the existence of the account. You read that correctly – each individual transaction must be individually reported. For example if you use a crypto currency to buy a cup of coffee we must report that transaction individually on the tax return.
Items 1, 2 and 3 all require that each transaction is reported separately on the tax return. Potentially hundreds or thousands of transactions must be reported if you are spending Crypto-currency, trading, mining, etc.