1099 vs. W-9: What’s The Difference?

It’s tax season! We know things can get a little confusing. We’re here to help.

Here’s the breakdown:

WHAT IS A 1099?

The Form 1099-MISC is an Internal Revenue Service (IRS) tax return document used to report payments made to independent contractors and freelancers during the calendar year. In general, a Form 1099 should be filed for anyone to whom a company has paid:

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IRS Form 990

The IRS and Franchise Tax Board Deadlines for filing your Charter’s 2017-2018 Form 990, Return of Organization Exempt from Income Tax returns with an extension is May 15, 2019, but don’t let that scare you! With proper preparation this deadline doesn’t have to be scary.

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Check Your Paycheck!

It’s always necessary for an employee to review their paycheck. This is an ideal time of year to remind your employees, especially new hires, to review their first pay check of the school year for accuracy of the following information: Name Address Social Security Number Gross Pay Tax Withholding – Federal and state income tax should

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Top 5 Payroll Mistakes Charter Schools Make

1. Misclassifying Employees by Job/Duties & Appropriate Pay (Hourly vs Salary) Any teacher must be legally credentialed in California. Teachers and administrators are exempt from overtime – most other salaried positions may NOT be exempt from overtime. For year 2020, each exempt employee must receive at least $4,506.67 per month during each month worked. If

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2020 W-4 Changes

The 2020 W-4 form will look profoundly different from the ones you may have completed in the past. The IRS has been working on rolling out a new W-4 form for this year, one that eliminates withholding allowances. Eliminating allowances aligns with the suspension of personal exemptions, which was one of the major changes stemming from the 2017

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It’s 1099 Time! Why is this important for your school?

Don’t worry – CSMC prepares these forms on behalf of your school, and sends them out for you. However, we do need some information from you, such as payee addresses and/or payee taxpayer identification numbers (EIN), to keep your school in compliance. Here are some steps to help guide you on this important year-end process.

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