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2 Simple Questions That Taxpayers Will Need to Answer Carefully This Year

Posted in Tax News on March 8, 2012

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.…

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It’s 1099-Reporting Time Again…

Posted in Tax News on December 29, 2011

January 31st is the deadline to furnish Form 1099- Misc. to recipients. The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient. This category includes payments made…

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Rental Property Owners Get Relief from 1099 Reporting Requirements

Posted in Tax News on November 28, 2011

Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. …

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1099 Reporting Guidelines

Posted in Tax News on November 19, 2010

January 31, 2011 is the deadline to furnish Form 1099-MISC to recipients.  The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient.  This category includes payments made by…

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The Difference between an Employee and an Independent Contractor

Posted in Tax News on November 5, 2010

Employers must make a determination whether someone who works for them is an employee or an independent contractor. To assist them with this, the IRS has issued the “Twenty Factor Test”.  Here are the tests an employer applies in order…

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