Why You Need Form W-9 Now to Complete Form 1099 Later

Posted June 16, 2013 in Tax News with 0 Comments

1099 Filing Requirements

Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually.  An unincorporated business is a sole-proprietorship, partnership or a Limited Liability Company (“LLC”).  In addition to having to file Form 1099 to all unincorporated businesses they must also issue a 1099 for all legal services and medical … Continue reading »

Tags: 1099, Attorney, Backup Withholding, D/B/A, Doing Business As, Form 1099, Form 1099-MISC, Form W-9, Income Tax, Independent Contractor, Internal Revenue Service, IRS, Legal Services, Limited Liability Company, LLC, Medical Payments, Partnership, Sole Proprietorship, Subcontractor, Tax ID#, Tax Identification Number, TIN, Trade Name

Why Some Small Businesses Should NOT be an LLC

Posted June 9, 2013 in Small Business with 3 Comments

The Limited Liability Company (“LLC”) certainly has become a popular form of business entity.

If there is only one member (owner) then setting up these entities has become a breeze.

Just go online, fill out some forms, pay the registration fee and presto, you’re in business.

Just because it’s easy, doesn’t mean you should do it this way.

 Why an LLC?

Tags: C Corporation, Connecticut Department of labor, Connecticut Taxpayers, corporate tax return, Corporation, Estimated Tax, Form 1040, Form 1040-ES, Form 1120, form 1120-S, form 940, Form 941, Form CT-1040-ES, Form W-2, Form W-3, Income Tax, Limited Liability Company, LLC, Payroll Tax, S Corporation, Schedule C, Single Member LLC, Sole Proprietor, Subchapter S Corporation, Workers Compensation

How to File Your FBAR and Sleep (Well) at Night

Posted June 2, 2013 in Tax News with 0 Comments

The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts.

Who Must File

Any U.S. person with a financial interest or signature authority must file an FBAR if the balance in the account exceeded $10,000 during the year. A U.S. person includes a U.S. citizen, U.S. resident and entities like corporations, … Continue reading »

Tags: Corporations, Estate, FBAR, Foreign Bank Account, form 8938, Form TD F 90-22.1, Income Tax, Income Tax Forms, IRS, Limited Liability Company, LLC, Offshore Voluntary Disclosure Initiative, OVDI, Partnership, Tax Amnesty, Tax Penalty, Trust, U.S. Treasury

How a Small Partnership Can Get The Failure to File Penalty Waived

Posted May 26, 2013 in Tax News with 2 Comments

Face it, no one likes to get letter from the Internal Revenue Service (“IRS”).

This is particularly true when you are being assessed a penalty.

The IRS has many different penalties.  One penalty they have is the failure to file penalty.

For partnerships or Limited Liability Companies (“LLC”s) that file a Form 1065 the penalty for failure to file is $195 per month times the … Continue reading »

Tags: Certified Public Accountant, CPA, Failure to File, Failure to File Penalty, Form 2848, General Partnership, Income Tax Penalty, Internal Revenue Service, IRS, Limited Liability Company, LLC, Partners, Partnership, Partnership Tax Return, POA, Power of Attorney, Rev Proc 84-35, Small Partnership, Statue of Limitations, Tax Penalty

Tom Scanlon, CPA Interview Today on Blog Talk Radio

Posted May 22, 2013 in Tax News with 0 Comments

Tom will be interviewed today on Blog Talk Radio by Susan Preston and Larisa Dickson from Socializing Your Business at 1:00pm EST.

They will be discussing things like “How to work with your CPA” and “Minimizing your taxes”.  Please check it out.

http://www.blogtalkradio.com/socializingyourbusiness/2013/05/22/socializing-your-business.