Government Shut Down Affects IRS PDF Print
The Internal Revenue Service is putting the brakes on tax liens and levies during
the federal government shutdown. read more

When Should I Start Preparing My Business Tax Return? PDF Print

It’s the first week of January, and I already have my December bank statement.  If you have online account access, your statements are waiting for you.  That means it’s time to start preparing your business tax return – or preparing the information for your tax accountant.  As soon as your December bank statement is reconciled, you’re ready to run your trial balance and gather all the other information needed to prepare your returns.  If you’re working with an outside tax preparer, sending in your information early means faster and more personalized service.

So add one more resolution to your New Year’s list:  reconcile your business bank account and start your tax return preparation today!

Congress Repeals Onerous 1099 Reporting Requirements PDF Print

On April 14, President Obama signed into law a bill to repeal controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments.   This means:

Only payments to service providers in excess of $600 must be reported on Form 1099.  (Requirement to issue to all vendors has been repealed.)

There is no requirement to send a Form 1099 to a corporation (unless the payment is for medical or legal services.)

Landlords have fewer 1099 reporting requirements.

Want more information?  Contact me to discuss your situation.

1099 Repeal Date PDF Print

Last week, the House of Representatives passed the Small Business Paperwork Mandate Elimination Act of 2011. The bill would repeal the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation. It would also repeal the new 1099 reporting requirements imposed on taxpayers who receive rental income.

This bill will now move to the Senate for consideration. That chamber has already passed its own version of 1099 repeal. However, the Senate’s version of repeal only addressed the health care law’s 1099 requirement and not the rental property 1099 requirements.

The House and the Senate will have to reach agreement on a revenue offset before a bill can be sent to President Barack Obama. White House opposition to the revenue offsets contained in both bills makes the road to final passage unclear.

So continue to maintain appropriate records to comply with the new 1099 reporting requirements and be sure to check back regularly to follow the status of this legislation.

Senate Passes 1099 Repeal Amendment PDF Print

Last week, the Senate approved an amendment to repeal the expanded 1099 information reporting requirements in the health care reform law. The repeal must still pass the House before it can be sent to the president. A bill to repeal the provision, the Small Business Paperwork Mandate Elimination Act of 2011, has already been introduced by Rep. Daniel Lundgren. That bill, which has been referred to the House Committee on Ways and Means, has 263 cosponsors.

It’s been widely reported that 1099 repeal has broad bipartisan support. Stay tuned to this blog for updates on the legislative status.

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