President Obama is expected to sign a bill repealing the law requiring all businesses to file 1099 forms with the IRS for payments to any business totaling $600 or more for goods or services, including payments to corporations. The provision had been part of healthcare reform law, known as the Patient Protection and Affordable Care [...]
Washington DC-Congress wants to repeal the new law requiring 1099′s for payments to corporations. This is the requirement the IRS had been asking congress for, and finally got in the 2000+ page Patient Protection and Affordable Care Act (the Health Care Law). The problem isn’t whether to repeal the requirement for 1099′s-the politicians mostly agree [...]
WASHINGTON DC-President Obama’s proposed budget for fiscal year 2012 includes a record $240 million for initiatives specifically related to enforcing IC Compliance and misclassification of workers. This proposed funding is consistent with his often stated goals of closing tax gap loopholes and tightening enforcement on the misclassification of independent contractors. Politicians, at all levels of [...]
That was the question I was recently asked by a client facing the paper deadline of February 28th to file Form 1099 MISC, with the IRS. He had started his own business this year, and was struggling with the mountain of government laws and regulations placed on small business people. I asked, “How many Forms [...]
WASHINGTON-The Internal Revenue Service recently announced that interest rates for the calendar quarter beginning April 1, 2011 will increase by 1%. The new rates will be: 4% for overpayments (credits or refunds), 3% in the case of a corporation; 4% for underpayments (assessments and liabilities); 6% for large corporate underpayments; and 1½% for the portion [...]
WASHINGTON – The Internal Revenue Service has issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 51 cents per mile for business [...]
Washington DC-The IRS sponsors a series of advisory groups comprised of tax and legal professionals from around the country to recommend improvements in the way the IRS does business. The IRS sometimes asks the groups to help solve a problem. One such advisory group is known as “The IRS Small Business/Self-Employed Subgroup.” This advisory group [...]
WASHINGTON-The Internal Revenue Service recently released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. The information release includes forms and instructions. New Form 8941, Credit for Small Employer Health Insurance Premiums, and newly revised Form 990-T are now available on IRS.gov. The [...]
WASHINGTON-As a result of the legislature waiting until the last possible moment to pass the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010″ (this is the “Bush tax extension” which became law on December 17, 2010), the Internal Revenue Service announced that many taxpayers (both paper and electronic filers) affected by this [...]
Washington DC-The IRS sponsors a series of advisory groups comprised of tax and legal professionals from all over the country to recommend improvements in the way the IRS does business. It sometimes asks the groups to help solve an IRS problem. One such advisory group is known as “The IRS Small Business/Self-Employed Subgroup.” They recently [...]
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