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If you get a Form 1099-K in 2013, don’t ignore it. The new form records payments received in 2012 by credit card companies or through third-party networks such as Amazon, PayPal, and Google. This added income reporting mechanism was created as part of the Housing Assistance Tax Act of 2008 and is finally taking effect for the 2012 tax year. This form was issued in 2012 for income received in … Continue reading »
Two simple questions were added to the income tax returns last year. These were:
“Did you make any payments in 2011 that would require you to file Form(s) 1099?”
“If “Yes,” did you or will you file all required Forms 1099?”
Investors with offshore accounts must be familiar with the filing requirements of the FBAR and IRS Form 8938.
Any U.S person with offshore accounts that had more than $10,000 in them any time during the year must file Form TD F 90-22.1, the so-called FBAR (Report of Foreign Bank and Financial Account). A U.S. person includes individuals, partnerships, corporations and estates and trusts. This form must … Continue reading »
Business owners can maintain their corporation as a regular or "C" Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:
While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any … Continue reading »
Did you know that CT provides tax incentives to hire new employees in small businesses?
The Qualified Small Business Job Creation Tax Credit Program provides incentives to Connecticut’s small businesses to hire new full-time employees. Under this program Connecticut-based businesses with less than fifty employees are eligible for a $200 per month tax credit for each new full-time employee they hire. Below are the guidelines for the program, a link to the application and the contact.