Well it is time to file 1099MISC forms again for all contract labor and rent. Well, not necessarily all! There are some exceptions you don’t have to report, plus some items you have to report even if they meet another exception. See this posting in Nolo for more information: http://www.nolo.com/legal-encyclopedia/when-do-you-need-file-form-1099-misc.html Normally you don’t have to file 1099MISC for a corporation. But if you pay an incorporated attorney $600 or more you are required to report that. There are more details on the IRS website for 1099s (there is plenty of information here, probably more than you want.) See this link: http://www.irs.gov/instructions/i1099msc/ar02.html Now that you are an expert you should have no trouble with this in the future (I hope.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: 10 Tax Facts about Exemptions and Dependents
Here are ten tips about tax exemptions and dependents that will help you determine what you can deduct. There is also a little information about E-Filing and the ACA requirement that all family members have to have health coverage or an exemption; otherwise you have to make a Shared Responsibility Payment (the penalty that can range from $95.00 to over $10,000.00.) See the details in this link to the IRS Tax Tip: http://content.govdelivery.com/accounts/USIRS/bulletins/ebdf89?reqfrom=share Just remember that if you are filing your own tax return there are many things to think about. Turbo Tax can be great if you have health coverage and a W2, but be aware that DIY can have many pitfalls and if you don’t have the knowledge, you may need some help if your return is more complicated. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: IRS Scammers Net $14 Million from 3,000 Victims
A little more on the IRS Impersonation Phone Scams: nearly 290,000 contacts reported since October 2013. Nearly 3,000 victims netting 14 million dollars in debit cards and wire transfers. See more on this in this article from Accounting Today by Michael Cohn: http://www.accountingtoday.com/news/irs-watch/irs-scammers-net-14-million-from-3000-victims-73385-1.html As I have said before (and I cannot stress this enough), the IRS doesn’t call you for anything except to confirm an tax audit date or to return a call by you to a particular revenue agent on a case in process. The Service doesn’t email demands for payment and doesn’t threaten sending the police and then demanding payment by debit card or wire transfer (things that are hard to trace.) If you are contacted by one of these groups, the IRS has a link on its website telling taxpayers what to do in this situation. Here is the website link: http://www.irs.gov/uac/Newsroom/IRS-Repeats-Warning-about-Phone-Scams For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa