Who needs to file a 1099? A 1099 is a form that a business or non-profit (both referred to as businesses for the rest of this post) files to inform to both IRS and one of their vendors of the amount of reportable payments that the business made to them during the year. Most Forms […]
Have you received an identity verification letter from the IRS?? While there are always a lot of scammers trying to impersonate the IRS, the IRS does send identity verification letters out to some taxpayers. Real identify verification contacts will always come by paper mail. are never sent by telephone or e-mail. A real identity verification […]
The decision to incorporate is often one of the first choices new business owners makes, even before they’ve drafted a business plan or secured start-up capital. In many cases, this can turn out to be a costly mistake. While it’s true that incorporating a profitable business can sometimes yield tax savings, most businesses lose money […]
The tax code doesn’t allow a charitable contribution deductions for gifts made for a specific individual. This is true even when a qualified charity collects the donation for the individual. Donations made directly to a member of the clergy to be used for their own purposes are also not deductible. Sadly, this restriction also extends […]
Most small landlords do not need to issue 1099s to contractors they pay in connection with their rentals. Exceptions apply when the rental activity rises to the level of a trade or business.