Joe Payne is wreaking havoc on businesses left and right this time of year. Take Moe Money, for example. He had all of his year end transactions into QuickBooks, so he felt confident that he could get 1099s out to by the end of January. He sent his QuickBooks file to his accountant to get the . . . → Read More: You May File Forms Late and Face IRS Penalties
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If you claim business mileage, remember to provide your business mileage split between Jan through June, and July through December. Also total mileage for the entire year needs to . . . → Read More: Important Mileage Information Payment processors, including PayPal, will submit payments you made to vendors using their services to both the merchant (you) and the IRS, on the new 2011 Form 1099-K. If you have not submitted your tax identification number (TIN) to the merchant service processor, you could be subject to 28% backup withholding tax. IRS has delayed the . . . → Read More: If you use merchant services to pay vendors, you could be subject to 28% backup withholding Most small businesses do not file the required 1099-MISC forms. It would only make sense, that if you want to deduct the cost of using non-employee services, that the IRS wants to know who received the income. Don’t let yourself be penalized for reporting legitimate expenses. You are required to file . . . → Read More: 1099-MISC is Due Jan 31, 2012 – Do You Know The New Requirements? Don’t Forget to Log Your Year End Mileage Wishing You and Your Loved Ones a Happy Holiday Season and a Prosperous . . . → Read More: Season’s Greetings!
You may owe the IRS more than you think.
Meet Consuela Consultant. She runs a very busy information technology consulting firm. Like Woody, she bought QuickBooks and uses it to record her transactions faithfully every weekend. She likes the program because it is so easy to use. Every weekend, she . . . → Read More: You may owe the IRS more than you think. Woody started a very successful Widget business earlier this year. He was the best Widget maker in town, and business was booming. Things couldn’t be better. He decided to cut his overhead costs by doing his own bookkeeping. He went out and bought QuickBooks, and made an honest attempt to keep his books up to date. After . . . → Read More: We warned you in the last article, but now it’s time to meet Joe Payne… If not, you need to call Seacoast Accountability NOW for a ten point check up. The IRS now has a small business portal that provides several instructional videos for small businesses. Topics include, but are not limited to, starting or changing a business, audits, expenses, scams, employer topics, and a small business workshop. Check out the portal . . . → Read More: Visit the IRS Portal for instructional videos for small businesses The Internal Revenue Service announced on September 1, 2011, that it is granting taxpayers whose preparers were affected by Hurricane Irene, a one week extension from September 15th until September 22nd to file returns. The preparer must be located in an area that was under an evacuation order or a severe weather warning, but does not need to be . . . → Read More: IRS Grants One Week Extension for Preparers Located in Areas Affected by Hurricane Irene IRS Correction: 2011 Standard Mileage Rate Increase Hello, Please contact us if you have . . . → Read More: Business Mileage Rate Increased Effective July 1, 2011 |
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