As we roll into 2014, it’s time to think about 2013 taxes. I will be sending out the tax organizers in early January to my existing clients. The tax organizers help remind you what documents you had last year and will probably have again this year. As you receive W-2’s, 1099’s, 1098’s, letters from charities, etc… simply place in a folder with the organizer. When you receive everything, contact me to set up a meeting to prepare your 2013...
Listen Up Tucson Businesses: Important Information About Your 1099s
It’s that time of the year to think about issuing 1099’s. The IRS has begun focusing heavily on taxpayer compliance with information reporting laws. You must report payments on Form 1099-MISC only when the payments are made in the course of your trade or business; personal payments are not reportable. You are engaged in a trade or business if you operate for gain or profit. For this purpose, nonprofit organizations are considered to be engaged in a trade or business and are subject to these reporting requirements. The basic rules for form 1099-Misc are: 1099-Misc needs to be issued to vendors that are not corporations for: Rents (over $600) or Royalty payments (over $10) Payments for services (over $600) (not employees receiving W-2’s) Attorneys (over $600 and whether or not a corporation) The 1099-Misc is due to the recipient by January 31 and to the IRS by February 28. If I can be of any assistance, please contact...