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1099-k Reporting Requirements, Thresholds, and FAQs

Reading Time: 4 minutesIn this article, we outline what a 1099-k is, how selling through online marketplaces and exchanging money through payment platforms impacts your taxes, and common

February 27, 2024 No Comments

Stress-Free Accounting and Bookkeeping

Our CPAs build an accounting process that is modern, efficient, and has the reporting capabilities you need.

Monthly, Quarterly, and Annual Reports

Regular reports ensure you get the oversight you need to be comfortable, without being involved in the day-to-day.

Deliver Documents Through Our Online Portal

Easily submit any documents remotely through our secure online portal, and we’ll take it from there.

From Data Entry to Strategy, We've Got You Covered

We believe in building strong, long-term client relationships, holding ourselves to a high standard of accountability when it comes to client work, providing excellent communication, and receiving ongoing feedback from our clients.

Service That Goes Beyond Your Average Accounting Firm

We take the time to understand our clients and their unique industries.

With unparalleled guidance, cost-saving entity structures, and forecasting built on experience, you’ll get the benefit of CPAs that know the ins and outs of how your industry works.

Top-Tier Customer Service

With exceptional customer service at the core of everything we do, we prioritize clear and accurate communication, support, and make sure you know we are here to help. With the combination of exceptional work and top-tier customer service, our firm has earned over 100 5 Star Ratings on Google.

Accounting Experts, Bookkeepers, and CPAs

Accounting Experts, Bookkeepers and CPAs

Get all of the expertise you need from the firm that has it all. From the seasoned bookkeeper you can rely on to the CPA whose advice you trust, our team offers a well-rounded level of expertise unparalleled by other firms.

Accuracy You Can Rely on

Accuracy You Can Rely On

Through careful data entry, regular reconciliation, internal audits, and valuable reports, you’ll have a clear and accurate understanding of what’s happening in accounting, without having to look at the day-to-day.

Reports That Work for You

Our reports offer easy-to-digest charts, data points, and key performance indicators that aid in important business decisions, from budgeting and forecasting to evaluating labor costs and even expansion strategies.

Worry Less

One of the core benefits of turning to an accounting expert is the impact it has on your stress level and ability to focus on other areas. With our team in your corner and a focus on transparent reporting, you won’t need to worry about your bookkeeping anymore.

Partners Who Work to Become Experts

We are partners in your business success! In every interaction and all that we do, we work to support our clients in their financial and business goals, ensuring longevity, maximum impact, and the kind of client relations you can’t get anywhere else.

Accounting Support That Optimizes Your Business for Success

Get 360° accounting services that offer full support and coverage of every aspect of your business.

We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!

Double Entry Accounting and Bookkeeping

Maintain a complete picture of your transaction history and financial health. Our team adheres to strict accounting standards, ensuring accurate and up-to-date books with a financial trail that is straightforward and easy to follow.

Detailed and accurate data entry with a focus on identifying errors, discrepancies, and inaccuracies through regular reconciliation
Maintaining fundamental accounting equation, ensuring assets= liability + equity and all financial records are balanced and accurate
Generating and distributing bookkeeping reports and ensuring all transactions are easy to verify

Financial Statements and Reports

Our bookkeeping and accounting reports offer a detailed and accurate look at the complete financial health of your business. From regular reports to real-time insights, our approach to accounting is always data-driven

Regular reports on the balance sheet, income statement, cashflow, and accounts payable and receivable
Comparative reports to assess budget vs. actual spend, expense tracking, inventory costs, and more
Implementing checks and balances that support financial initiatives, while also monitoring closely for errors and anomalies

Accounting Software Integration

Unlock the full power of your accounting software with a fully-integrated software setup. Ensure regular and easy instant-generated reports with unquestionable accuracy in every line item

Accounting software evaluation, selection, presentation, and setup, including integration with existing platforms and HR or POS software
Customization of software to meet the unique needs of your business, including automating repetitive tasks, report design, and system audits
Examination of your current software and developing a cleanup plan, including removing erroneous data, setting up chart of accounts, and hands on training

Inventory Tracking and Management

Regular tracking and management combined with inventory audits, evaluations, and reports help you optimize your inventory levels, track performance, and make critical decisions

Inventory valuation methods are introduced based on your business needs, industry standards, and to ensure accuracy of cost of goods sold
Purchases, sales, returns, and adjustments are made within the inventory tracking system, while assuring up-to-date data on inventory on hand, accurate ordering, and turnover calculations
Cost analysis, vendor evaluation and management, and other internal controls allow you to make valuable changes to your inventory process and forecasts

Invoicing - Accounts Payable and Receivable

Get paid on time and stay up to date with vendor payment with invoicing services focused on accuracy, timeliness, and strategy. Our team implements tools and approaches that ensure accounts payable and accounts receivable are in good health

Client, vendor, and supplier setup within your accounting system, with timely invoice processing and payment and reconciliation
Setting up payment policies and tendering demand of payment letters, invoice reminders, and optimizing cash in and cash out
Reports on invoicing, costs, potential risks, and invoicing impact on cashflow

Payroll Services

Payroll services from the top down means your business gets the labor reports it needs while your employees and contractors are paid on time. Our team follows regulations and focuses on accuracy, offering well-rounded payroll services to the highest standard.

Payroll calculation and processing, including benefits, bonuses, commissions, and variable payments based on contractors and employees
Employee portion withholding from paychecks for insurance, retirement, equity, etc., and reporting and paying employer portions
Generating and distributing W2, 1099, and other tax forms to employees, while providing end of year and ongoing payroll reports to business leaders

Office Locations & Hours ►

Join Our Roster of Satisfied Clients

Get 360° accounting services that offer full support and coverage of every aspect of your business.

We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!

"Very reliable, professional, and affordable!"

"We have been getting monthly bookkeeping, accounting, and payroll done with Akif CPA. Recently, we had more stuff come up and had detailed analysis done on capital gains, single family rentals (SFR) and business disposition. You will only know how great this CPA company is until you have worked with them and given them a chance. Words can't describe our experience. Akif CPA gets the job done every time—very reliable, professional, and affordable."

Contact Us

Offices & Contact ►

Houston Office

4151 Southwest Freeway Suite 630
Houston, Texas 77027

(713) 451-9700

Toronto Office

225 Gibraltar Rd Unit 5
Vaughan, Ontario L4H 4P9

(416) 800-2709

For assistance in planning and transferring your U.S. assets to Canada, please contact our colleague Phil Hogan, CPA, CA, CPA at (250) 661-9417 or phil@philhogan.com