Category Archives: Business Coaching
Are You Required to File Informational Returns?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expe…
Payments to Corporations and for Merchandise Subject to Information Reporting in 2012
For as long as most can remember, payments for services made by one business to an unincorporated business required the payee to report the payments on a 1099-MISC if the aggregate payments for the year to a single entity were $600 or more. Payme…
Payments to Corporations and for Merchandise Subject to Information Reporting in 2012
For as long as most can remember, payments for services made by one business to an unincorporated business required the payee to report the payments on a 1099-MISC if the aggregate payments for the year to a single entity were $600 or more. Payme…
Rental Owners Need to Prepare for the New 2011 Reporting Requirement
If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to pr…
Penalties for Failure to File or Furnish Information Returns
Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS.To ensu…
INFORMATION REPORTING
Below are some helpful articles regarding information reporting. If you need assistance with any of the topics below, please call this office.
Payments to Corporations and for Merchandise Subject to Information Reporting in 2012
For as long as most can remember, payments for services made by one business to an unincorporated business required the payee to report the payments on a 1099-MISC if the aggregate payments for the year to a single entity were $600 or more. Payme…
Are You Required to File Informational Returns?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expe…
Rental Owners Need to Prepare for the New 2011 Reporting Requirement
If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to pr…
Penalties for Failure to File or Furnish Information Returns
Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS.To ensu…
