Posts Tagged ‘Partnership’


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

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 payments. It does not matter what type of entity these companies are.  All payments made to … Continue reading »


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

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, partnerships, limited liability companies and trusts and estates.

The FBAR must … Continue reading »


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

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 number of partners. The good news is that the maximum number of … Continue reading »


5 Lessons Learned From Tax Season

Another Tax Season has come and gone.  Here are the 5 Lessons Learned from this Tax Season. 

1) Don’t Pass Tax Legislation on December 31

Congress passed the American Taxpayer Relief Act on December 31, 2012It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good.  Due to the late passage of this bill the IRS was delayed with … Continue reading »


Where’s My K-1?

 

This question is asked frequently during tax season.

I suspect it will be asked even more this tax season.

There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which will delay tax preparers.


Web Statistics