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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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3 Things You Need to Hire an Employee

Posted in Tax News on October 29, 2010

Employers need to get three tax documents from new employees before they start work.

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The Difference Between EE, HH, and I Savings Bonds

Posted in Tax News on October 1, 2010

Clients frequently ask us about the tax effects of government savings bonds they have in their house or safe deposit box.  When this question comes up, it’s usually in the context of estate planning.  To give an appropriate answer, we…

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IRS to Some Nonprofit Organizations-Last Call!

Posted in Tax News on September 3, 2010

Nonprofit organizations are required to file an information return annually.  See our recent post for the details on this. Nonprofit organizations that don’t meet their filing requirements for three consecutive years automatically lose their tax-exempt status.

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