The IRS uses Form 1099 as a tool to help verify that taxpayers are reporting their income. Businesses file Form 1099 with the IRS to report payments to vendors or recipients, then the IRS attempts to verify that these payments are actually reported as income on the tax return of that individual or company. For the reporting year 2014, businesses need to prepare 1099s in time to be given to vendors by February 2, 2015, and IRS copies must be filed by March 2, 2015. The IRS due date is extended to March 31, 2015, for electronically filed returns.
In a downturned economy, in which donations to nonprofits are difficult for both individuals and organizations to make, being accountable carries more weight than ever. A nonprofit must not only conduct business ethically and transparently but also be able to publicly explain at all times the way it handles its finances and governance. Your nonprofit [...]