Posts Tagged ‘Form 1099’


4 Easy Steps to File Your 2017 Forms 1099

 

 

1) Determine who should receive Form 1099

 

Business owners need to determine who should receive a Form 1099.  The Form 1099 will be issued to independent contractors and other parties. The IRS has rules to determine who is an employee and who is an independent contractor under the so-called Twenty Factor Test.  For Connecticut employers; they should also look at the Connecticut ABC Test.

Some … Continue reading »


4 Reasons NOT to Wait for Your K-1

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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.


3 Proven Steps for Taxpayers to Survive Tax Season

 

melting ice cubes

1)Be Prepared

Ah yes, the Boy Scout Motto, “Be Prepared”.  It is very applicable to surviving tax season. How can you get prepared?  Start with completing your tax organizer.  We send these out to our clients in early January.  This will contain all of the prior year information.  Some clients don’t like filling out the tax organizer.  That’s fine. … Continue reading »


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 Respond to an IRS Notice with a 1099 Mismatch

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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 »