Form 1099 from the IRS is used for reporting income received by independent contractors, freelance workers, and also used to report other forms of miscellaneous income. The 1099 form is used for non-employee income reporting as opposed to the W-2 form used to report employee wages. If any federal income tax has been withheld under […]
Tag Archives: Reporting
New federal requirements for cost basis tax reporting enacted in October 2008 require accountants to submit accurate and timely cost basis information to investors and the IRS. The change is the result of the government’s efforts to end under- and over-reporting of capital gains and losses, while raising income to support the Emergency Financial Stabilization […]
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Recognizing and Avoiding Phishing Attacks Typically, phishing involves an email purporting to be from some legitimate agency, like a bank, investment firm, lottery commission, or the IRS. These emails will request information, often directing the user to a bogus web site. Such sites in turn will resemble the agencies’ real web sites. That’s why it […]
If you are the sole proprietor of a business and you file Schedule C with your federal income tax return, you will notice a new line on the schedule starting in 2011. In Part I, line 1a is for “Merchant card and third party payments”. It also indicates that you should enter -0- for 2011. […]