Taxes

1099 Reporting for Contractors using a Credit Card

IRS Reporting Requirements for Third Party Payments on 1099-K or 1099-MISC

2013 Taxpayers' Bill of Rights Hearings, Make Your Voice Heard

An opportunity for you to voice your ideas, concerns and ask questions.  Don't miss it!

Wednesday, July 17th the State Board of Equalization is having it's annual 2013 Taxpayers' Bill of Rights Hearing.  Located at State Board of Equalization, 5901 Green Valley Circle, 2nd Floor, Culver City.  For more information go to there website: www.boe.ca.gov/tra/tra.htm or call 1-888-324-2798

 

IRS issued a mandatory new I-9 Form, old versions expire May 7 2013

Revised Form I-9

On March 8, 2013, the U.S. Citizenship and Immigration Services (USCIS) published a revised Form I-9 for use in verifying employment eligibility. All employers must complete a Form I-9 for each employee. Employers can continue to use previously accepted versions for the next two months, until May 7, 2013.

The Department of Homeland Security published a Notice in the Federal Register informing employers of the new Form I-9.

Form can be found here:  http://www.uscis.gov/files/form/i-9.pdf

IRS Cracking Down on Misclassified Employees

IRS Cracking Down on Misclassified Employees

2013 New Guidelines for Mailing Tax Documents to the IRS or FTB

The IRS updated the guidelines for mailing tax returns and other tax-related documents.  If a tax return or other tax-related document is not mailed through the U.S. mail or qualifying PDS (Private Delivery Service), it must be received by the IRS or other tax-related agency by the deadline in order to be timely.  PDSs cannot deliver to post office box addresses at IRS centers. 

COMPANY CARS FOR PERSONAL USE

Personal use of a company vehicle is a taxable fringe benefit and must be included in the employee's gross income. All owners are also considered employees for this reporting. "Personal use" for this purpose is any use of a company vehicle-including commuting to and from the employer's regular place of business-that is not related to the employer's trade or business.

The IRS just approved leave-based donation programs to aid victims of Hurricane Sandy.

The IRS just approved leave-based donation programs to aid victims of Hurricane Sandy.

Employees can elect to forego their vacation, sick or personal leave time.   The employer makes a cash payment to charitable organizations for the relief of victims of Hurricane Sandy by December 31, 2013 (yes, 2013). The cash payment is equivalent to the vacation, sick or personal leave time foregone by the employees.

Maximize those Tax Credits for 2012

As students head back to college, the daunting task of paying tuition bills increases. The tax law does provide some relief by looking at credits to reduce after tax costs for college expenses.  Be sure to ask your CPA or tax preparer with regards to the American Opportunity and Lifetime Learning credits.  It should look something like this:

Sales Tax Setup

Do you Charge Sales Tax? In the beginning when you first set up your quickbooks it asked if you are charging sales tax? If you stated no and then decided yes. You would need to go back to your preference page located at: Edit, Preferences, Sales Tax, Company Preferences and click yes to turn on do you charge sales tax. Remember to save and exit quickbooks for it to show up on estimates or invoices.

Syndicate content