Preparing for 2021 Tax & 1099 Compliance [event recap]

For many startups, tax season can feel daunting. To help ease that angst, we hosted Preparing for 2021 Tax and 1099 Compliance with Stephano Slack. Partner at Stephano Slack, Sam Musser, CPA, guided attendees through the steps and best practices to stay compliant.

As long-time partners of PCI Ventures and the Pennovation Center, Stephano Slack has experience working with startup companies of various stages.  Sam is the first point of contact at the firm for life and physical science startup relationships.  She has expertise in grant reporting, R & D and KIZ credits.

One question Sam typically hears from startups is “Do I actually have to file a tax return?”

“The answer”, she emphasized, “is yes! You do have to file a tax return, no matter what. The minute you have your registration with the state, or you have an EIN from the IRS you really should be filing tax returns.”  This is extremely important for companies to remember especially those who are in a Keystone Innovation Zone (KIZ), like the Pennovation Center, for tax credit purposes.

Sam also reviewed 1099 Reporting Basics with the group and fielded some questions about when a 1099 is needed.  As a resource, she shared a 1099-NEC cheat sheet to help entrepreneurs differentiate between reportable payments and non-reportable payments.

Sam enjoys giving back to the Philadelphia startup community and encouraged all attendees to reach out with any questions! Watch the full recording here. 

If you’re looking for accounting assistance, feel free to connect with PCI Ventures @ Pennovation Center partners, Stephano Slack.