Reminders About Filing 1099 Miscellaneous Forms

Posted on January 9, 2013 by Leasa Magnuson in Business Tax

I thought it might be handy to provide a few reminders about filing those pesky 1099 Miscellaneous Forms. There are numerous 1099 forms that can be issued at year end. We are only addressing the most common form, which is form 1099-MISC, as well as the most common payments reported, which are rents and subcontractors […]

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File your 1099 Forms or Face a Stiff Penalty

Posted on January 18, 2012 by Leasa Magnuson in Business Tax

Last 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 […]

View Post 1099, 1099 Misc, Penalty

New Form 1099-K

Posted on January 11, 2012 by Leasa Magnuson in Business Tax, Individual Tax

New 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 […]

View Post 1099 K, 1099 Misc, Miscellaneous Income

Expanded 1099 Law Repealed

Posted on April 27, 2011 by Leasa Magnuson in Business Tax, Individual Tax

While we were on hiatus from blogging Congress was busy. On April 15th President Obama signed into law the repeal of the ugly 2010 expansion of the 1099 reporting rules. Without this repeal beginning in 2012 the reporting requirements were to report any amounts of $600 or more paid to any one person or company […]

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1099 Filing Tips

Posted on January 5, 2011 by Leasa Magnuson in Business Tax

There are numerous 1099 forms that can be issued at year end. We are only addressing the most common form, which is form 1099-MISC, as well as the most common payments reported, which are rents and subcontractors payments. According to our resources, 1099 audits are on the rise so please make sure you file these […]

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Rental Property Owners Must Issue 1099s

Posted on December 1, 2010 by Leasa Magnuson in Individual Tax

The Small Business Jobs Act not only brought with it economy stimulating additions and extensions to the depreciation expense rules explained in my October 20th blog but it also brought with it a new rule for rental property owners. In the past 1099 forms were issued from those actively participating in a business to service […]

View Post 1099 Misc, Rental Real Estate

First Repeal of a Section of Health Care Reform Going on Now!

Posted on August 4, 2010 by Leasa Magnuson in Business Tax

Remember last week I talked about the new requirement for businesses to file a Form 1099 for services and products to non tax exempt entities including corporations? It is a highly unpopular segment of the Health Care Act that is currently seeing some action from Congress. Both the Democrats and Republicans agree that they would […]

View Post 1099 Misc, Health Care Reform

New Form 1099 Misc Rule

Posted on July 28, 2010 by Leasa Magnuson in Business Tax

Most of you know that you must file a Form 1099 to Partnerships and LLCs for services they provided to you of $600 or more. Starting in 2012 payments you make for services or products of $600 or more to any business including corporations will require a Form 1099 to be filed. So within your […]

View Post 1099 Misc, Health Care Reform