Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. This act was going to make owners of rental properties report payments totaling $600 or more during the course of the year for any expenses relating to these properties. The provision required even the smallest property owners — those who might just be renting out a second home or other rental property — to track any work done for them that totals $600 a year or more over the course of a year and to send any vendors whose work reaches that amount an IRS Form 1099, so they can report the income to the federal government. Examples of possible 1099-MISC recipients would include: gardeners, landscapers, contractors, property managers and repair services. more…
Archive for [ November, 2011 ]
This Thursday we celebrate Thanksgiving. If you live in the Greater Hartford area your day might look like this:
- Running in the Manchester Road Race
- Watching the Macy's Thanksgiving Day Parade
- Watching the Football Games on TV
- Settle in for Turkey and all of the trimmings
Here are 4 Reasons to be as Grateful Every Day as Thanksgiving: more…
Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation. Here are the differences:
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item. more…
Partners & staff of Borgida & Company wish to thank all clients, friends and family who donated to this year’s 6th Annual Food Drive. By your generosity, this year’s donations surpassed our expectations! We want to give a special thank you to Keith Beaulieu at The Main Pub for helping us collect for the food drive. All items were donated to MACC Food Pantry.
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