
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?”

The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due date is Tuesday 17th. Some people aren't prepared to file. Others may be waiting for Form K-1's from their investments. Either way, if the return is not filed on … Continue reading »
Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been added to these forms. They are:
“Did you make any payments that would require you to file Form(s) 1099?”
“If “Yes,” did you or will you file … Continue reading »
1) You have a "Specified Foreign Financial Asset" which exceeds the filing requirementsFinancial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with a foreign institution:
* Stock or security issued by a foreign person
* Financial instrument where the issuer is not a U.S. Person
* And any interest in a foreign … Continue reading »

Taxpayers must pay their taxes "as they go." For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don't have any withholding, they will need to make estimated tax payments.