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IRS “math error” letters increased by 1,331% this year versus last year.

No, that 1,331% increase is not one of my infamous typos!  🙂  Statistics here from IRS Taxpayer Advocate Service report, check my math please:  629,000 math error letters sent January 1, 2020 – July 15, 2020. 9 million math error letters sent January 1, 2021 – July 15, 2021. 7.4 million of those letters were related to […]

New IRS Form 1099-NEC

There is a new IRS form meant for business taxpayers to utilize when they pay or receive nonemployee compensation. The 1099-NEC is being reinstated for tax year 2020 and beyond. The “NEC,” stands for Non Employee Compensation.