Posts Tagged ‘Tax Penalty’


4 Reasons NOT to Wait for Your K-1

Four on dices

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1’s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form to get started on your income tax return.


How to File Your Form 1099’s and Avoid IRS Penalties

moneyDetermine Who Needs to Be Issued a 1099

A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more.  An unincorporated business includes Limited Liability Companies (LLC’S), Partnerships and Sole Proprietors.   Additionally, a 1099 needs to be issued for all legal services rendered irrespective of whether the law firm is incorporated or not.

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4 Easy Steps to Prepare Your Connecticut Personal Property Tax Declaration

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For Connecticut business owners their 2013 personal property tax declaration report is due by November 1, 2013.  A report must be filed in each town that the business owns personal property. Unlike real estate and vehicles, personal property is self-reported.  With real estate the town will periodically do an … Continue reading »


4 Easy Steps to Respond to an IRS Notice with a 1099 Mismatch

stop on wall

 

It appears that there are more notices being issued to taxpayers regarding a potential mismatch with a 1099 that was filed.

This increase in correspondence might be the result of taxpayers responding to Two Simple Questions Taxpayers Must Carefully Answer This Year. The two questions are:

“Did you make any payments that would require you to file … Continue reading »


How to Apply for Connecticut Tax Amnesty and Save Money

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The State of Connecticut Department of Revenue Services (“DRS”) is running a tax amnesty program from September 16, 2013 through November 15, 2013. The amnesty program is for any tax period ending on or before November 30, 2012.


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