8 Ways to Spot Counterfeit Money

Posted by Tax-Rep on 10/22/2020 to Tek Tips
Though UV counterfeit detection lamps and counterfeit money pens are helpful counterfeit detection tools, there are many ways to tell if a bill is authentic or counterfeit. Physical characteristics of the banknote, such as ink, watermarks and text, are intentional security measures to help people recognize authentic money.

When employees learn how to spot a fake 100 dollar bill, they can help reduce the chances of a business suffering a loss of thousands of dollars.

Full story here: https://egpcatalog.com/money-handling/8_ways_to_spot_counterfeit_money.cfm


Posted by Tax-Rep on 9/24/2020 to Tek Tips

Important Changes to 1099-MISC for 2020 Tax Season

Posted by Tax-Rep on 7/21/2020 to Tax Tips
Do You File Form 1099-MISC (with Box 7 completed)?
If you typically file any 1099-MISC forms (with Box 7 completed), you will need to file Form 1099-NEC for
tax year 2020. Data currently reported in Box 7 (Nonemployee compensation) of Form 1099-MISC for tax year
2019, will be required to be reported in Box 1 of Form 1099-NEC for tax year 2020. The Internal Revenue Service
(IRS) and various states are requiring this form to be filed by the effective deadline, February 1, 2021.
We encourage you to prepare early. There will be extra work involved with this change. Additional forms may
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