IRS Form 1099-misc Due Date Approaching - Facts and Misconceptions. As many of us who hang our own shingle are painfully aware, IRS Form 1099-misc is due January 31st! I'm still shaking off the holidays. The failure to timely file this 'informational return' has gone up...
I was talking with a taxpayer the other day who registered as an LLC with Colorado Secretary of State. She developed an intriguing business model that is doing remarkably well according to the financial statement. As part of a tax planning conversation our discussion surrounding...
I have a client who failed to file 1099-misc for contract labor and am dealing with an examiner who denied all contract labor expenses because of a lack of IRS Form 1099-MISC back to 2007 even though an audit trail exists substantiating the expense. So the Service's...
Reporting back pay is not as straight forward as one imagines. If you issued back pay you should report it on IRS Form W-2 (in boxes 1, 3, and 5) for the year payment is made. If any punitive damages are involved in a settlement they should be reported...