Well, I can safely say that the payroll tax cut is ‘in process’ – other than that who knows? The parties are still playing politics as usual so nothing has happened. See this article in the New York TImes by Jennifer Steinhauer and Jonathan Weisman:http://www.nytimes.com/2012/02/08/us/politics/in-congress-talks-on-payroll-tax-cut-extension-at-impasse.htmlRemember only $18350 in wages per employee is allowed the 2% tax cut.You can count on us to count for you!
Brian’s Tax Musings – Form 1099K
Do you have to file a 1099K? It is the new form which if you are a bank or a “third party settlement organization” you may have to report sales processed through you on form 1099K to the recipients of this money. If you take credit cards or paypal payments in your business you may receive at 1099K, but you probably will not have to file one. If you have to file a 1099K for services, you will not have to report this money on a 1099MISC. Here ia an article by Dale Pettit in Thompson Reuters corporate newsletter that discusses this a little further:http://onesource.thomsonreuters.com/resource-center/july-2011/newsletter-article6/Here are the IRS filing instructions for the 1099K:http://www.irs.gov/pub/irs-pdf/i1099k.pdfJust like other 1099s they are due to be filed February 29, 2012.You can count on us to count for you!
Brian’s Tax Musings – Form W2 and1099 Filing Date
Remember this year you have until February 29 to file your W2s and 1099s with the Government, 1099s with the IRS with form 1096 Transmittal and W2s with the Social Security Administration with Form W3 Transmittal.Here are W2 and W3 filing instructions:http://www.irs.gov/pub/irs-pdf/iw2w3_11.pdfHere are 1099MISC fIling instructions: http://www.irs.gov/pub/irs-pdf/i1099msc.pdfHere are 1099INT filing instructions:http://www.irs.gov/pub/irs-pdf/i1099int.pdfThere are other 1099s that sometimes need to be filed. They can be looked up on the IRS website:http://www.irs.gov/formspubs/index.htmlRemember the new form 1099K – I will talk about that a little tomorrow.You can count on us to count for you!