1099-MISC - baldwinaccountingcpa

W-2 and 1099-MISC Filing Dates Moved Up

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Post published: January 6, 2017
Post category:1099-MISC W-2 or 1099-MISC filing requirements
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Two New Fraud-Prevention Measures from the IRS

The first will purposely delay until February 15 the issuance of refunds for tax returns where there is an earned income tax credit (EITC) and/or a refundable child tax credit (CTC), giving the IRS more time to match the income reported on these returns to the income reported by employers. These two tax credits have been the favorite target of scammers who have been filing fraudulent returns with stolen IDs and fabricated income before the IRS is able to verify the income and withholding claimed on the returns. (more…)

A Big Tax Trap for Businesses – 1099-MISC

Post author:admin
Post published: November 20, 2016
Post category:1099-MISC
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It’s no surprise that a big tax trap for businesses is the $600 reporting threshold. Let’s say your business uses the services of an independent contractor early in the year at a cost below the $600 threshold, and you don’t bother to obtain the necessary reporting information from the contractor. (more…)