There is Joy in Dependence
In recent weeks, the skies across the nation of America have been illuminated with fireworks, coupled with the sound of the firecrackers which adds a bit of energy to the annual July 4th celebration.
Before you read further — as a reminder, the IRS is getting more stringent with the 1099 reporting process.
Why is this information important? During the warm and “longer” days, we often dig a little deeper into our pockets as we celebrate the outdoor season with others. At times, we use platforms/agents like Venmo, PayPal, etc. to be reimbursed, subsequent to paying for certain non-business shared costs of an event or a meal. If you are on the receiving end of such funds via these kinds of payment platforms — you could trigger a tax impact when non-business payments are made to you. The IRS may require these “agents” to issue an income form for funds you received, the form that is commonly issued is a Form 1099-NEC. To mitigate the effort, it may take to resolve these issues, consider using other ways to receive money for reimbursed expenses, such as bank-to-bank transfers; one of which is Zelle.
Let’s get back to the nation’s “independence.”
According to www.wikipedia, in the month of July 1776, “the Founding Father delegates of the Second Continental Congress declared that the Thirteen Colonies were no longer subject (and subordinate) to the monarch of Britain — and were now united, free, and independent states.”
As my thoughts ventured into deeper territory, one of my lingered for a while on the term, declaration and what it really means. According to the Oxford Dictionary, a declaration is a formal or explicit statement or announcement. Apparently, there is also a legal definition for the word declaration. According to Cornell University, “a declaration is an official statement, or proclamation, such as an affidavit.”
Walk alongside me for a deeper walk. You may agree that, based on the definitions above, a declaration is a formal/official/explicit statement. Where the rubber meets the road is when such a bold declaration is made — it ought to be defended to be “secured.”
Such a bold declaration was secured after a seven-year war.
Between 1775 and 1783, this declaration took seven years to secure, America had to defend its declaration in the War of Independence. According to www.wikipedia.com, the “American Revolutionary War (April 19, 1775 – September 3, 1783), also known as — the American War of Independence, was the military conflict of the American Revolution in which American Patriot forces under George Washington’s command defeated the British, establishing and securing the independence of the United States.”
The war that was won allowed some level of independence from an outside force, i.e., the British, yet I could not find the strength to pull my thoughts away from this lingering question: we won the war on the outside; is there another war created within our borders?
If we listen to the current news and the conversations long enough, it would appear that the states of America are constantly fighting against one another; yet we continue to declare we are the United States of America. One of the negative impacts of this is that it contributes to an ongoing lack of peace among the people.
Notwithstanding my sincere respect for the Founding Fathers and their hope for the nation — which was to be “united, free, and independent,” scripture reminds us that being free does not often equate to being independent and/or united.
Let’s strive for dependence, true freedom is transcendent.
Before I close, it is true, the feeling of freedom and independence can be empowering as part of our human experience, yet these sentiments that are exchanged among us are temporal in nature. This leaves me wondering — is it possible to be united and free, while securing our independence? Or are we simply securing/guarding something that is fictitious? Could it be that human independence, in its truest form, is a fiction of our imagination? Think about it.
Notwithstanding the ongoing war outside and within the borders of America, and around the world — let us take solace in knowing and believing that true peace is possible. Peace is a gift. A gift, how so?
The good book reminds us that peace is a gift from our Creator, as such it is transcendent, and this peace needs to be maintained. The apostle John penned, in scripture, an anxious moment with Jesus and his proteges/disciples; when Jesus makes the announcement that he will be leaving them. This made them anxious and fearful. So, Jesus gave them the gift of Peace. He said, “Peace I leave with you; my peace I give to you. Not as the world gives do I give to you.”
In closing, this transcendent gift is also extended to us (you and me) if we exercise our free will and choose to accept it. When we do, let us remember to guard and maintain it with care.
Before you go — check out this redemptive song from the legendary Bob Marley.
Thank you for reading.
In the spirit of peace,
Nadine
Nadine Riley, CPA
Founder, Masterpiece Accounting Group
Phone: (212) 966-9301
Email: info@mpagroupllc.com
The Masterpiece Accounting Group web, blogs, and articles are not rendering legal, accounting, or other professional advice. Tax strategies and techniques depend on your specific facts and circumstances. You should implement the information in this newsletter only with the advice of your tax and legal advisors.