4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
I applied to refinance a mortgage the other day. One of the pieces of paperwork I had to fill out was a Form 4506-T. It is a request for a transcript of my tax return to the IRS. I asked if I couldn’t just give them a copy of my tax return and they said […]
Mortgage, Self-employedHere are a few points the IRS says to keep in mind when someone else prepares your return: Check the person’s qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional […]
How to choose a Tax Preparer, Tax PreparerThe IRS advises you follow the following steps: Contact the employer to inquire about its mailing and verify the address. If the W-2 is not received by February 14, 2012, contact the IRS and provide the employer’s information, dates of employment and estimated wages and tax withheld. File the 1040 by April 17, 2012 (or […]
Missing W2Last week I talked about the new 1099-K for third party networks. This week I want to mention that there is a new line on the Schedule C, Form 1065 and Form 1120S for the total amount of all 1099-K’s received to be reported. There is also a new line on those forms to answer […]
1099, 1099 Misc, PenaltyNew for 2012 is a law requiring third party network transactions be reported on a 1099-K. What is a third party network transaction? According to the IRS they are a bank or other organization that has the contractual obligation to pay the participating merchant in settlement of payment card transactions….huh? Think PayPal. Anyway, these companies […]
1099 K, 1099 Misc, Miscellaneous IncomeFor years I have wished that brokerage firms would provide the cost basis for the stocks they sold. A few years ago the IRS agreed and determined that 2011 would be the first year brokerage firms had to provide this information. Once the IRS came out with this new ruling the brokerage firms had to […]
Cost Basis, Schedule DEmployee Bonuses Make sure to run all bonuses paid to employees through normal payroll processes to ensure appropriate payroll taxes are withheld and paid in a timely manner. Bonuses are subject to 25% federal withholding in most cases but please check with your tax professional if you have any questions or concerns. The deadline for […]
2012 Rates, Yearend Payroll Tips, Yearend TipsSanta has never been political but if Congress’ doesn’t make some difficult decisions soon and cut some government sponsored programs and increase some taxes he is going to pull all his white hair out and retire to a deserted island somewhere, never to deliver toys again. All the indecision makes it difficult for him to […]
Confusing Tax Code, Payroll Taxes, Section 179, Year End Tax PlanningCan you believe it is December all ready and time to wrap up another payroll season? I thought it might be helpful to put together a few tips to help make the process easier. In December: Provide all your employees with a W-4 to be filled out. Remind employees that if they have had life […]
Yearend Payroll Tips