by NexGen Support Team
Understanding Beneficial Ownership Reporting: Key Takeaways For Your Business The Corporate Transparency Act (CTA) has significantly changed how businesses operate. The reporting of beneficial ownership for corporations, LLCs, and similar entities registered in the...
by NexGen Support Team
What are 1099 Independent-Contractor Taxes Freelancers and independent contractors earning $600 or more from contract work in a tax year receive a 1099-NEC tax form. The hiring party sends the 1099 form to the IRS and provides a copy to the Contractor. The Contractor...
by NexGen Support Team
What is the Masters’ Exemption? The Masters Exemption Tax Rule, also called the Augusta Exemption or Augusta Rule, is a tax loophole. It permits business owners to rent their homes to their business for legitimate purposes, gaining tax benefits. However,...
by NexGen Support Team
What is Outsourced Accounting? Outsourced accounting is when a business hires a third party (outside of their company) to complete the accounting function and finance function of the organization. Why Startups Prefer Outsourced Accounting? Starting a business requires...
by NexGen Support Team
What is Outsourcing Bookkeeping and Accounting? Outsourcing accounting lets you pay for specific services as needed, saving costs. For startups, limited bookkeeping needs may not justify having a full-time accountant. By outsourcing, you can safeguard capital and pay...
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