Both forms are crucial for businesses aiming to stay compliant with IRS regulations. Accurate and timely filing not only helps businesses avoid penalties but also ensures that individuals receiving income accurately report it on their tax returns.

Have you sold a good or service and received payment via Venmo, Cash App or a similar third-party processor?

Even routine expenses like trips to the post office by automobile or your home office’s electricity bill could be costing you less money if you note them in your small business accounting records.