Posts Tagged ‘Form 1099’
QuickBooks is Updated for New 1099 Reporting Rules
Intuit has updated the 1099 Wizard in QuickBooks® Windows and Mac 2012 to include payment exclusion features to comply with the 1099-MISC regulation changes. To support customers on QuickBooks 2009-2011 there are downloadable add-ins available on Intuit's Website Visit Intuit for Information
Form 1099-MISC Q&A
1. I thought the rules requiring landlords to issue 1099s were repealed. So, why are there two questions on Schedule E about 1099s? Those rules were repealed under H.R. 4 (P.L. 112-9) and made retroactive, as if they had never been enacted. Therefore, landlords, in the ordinary situation of renting out a house or two, do not have to issue 1099s to service providers. In that situation, you would answer “no” to the first question, “Did ...
New Penalties for Independent Contractor Misclassifications
Senate Bill 459, signed into law by Governor Brown in October 2011, makes the "willful misclassification" of employees as independent contractors "unlawful" and provides for severe penalties that range upward of $25,000 per offense. To better understand how this new law applies we look to how the IRS characterizes an employee versus an independent contractor. The IRS has specific criteria for determining the status of an individual as an employee or a contractor. Generally, the IRS ...
New Form 1099-K
In an effort by the IRS to increase compliance by businesses reporting gross receipts, a new Form 1099-K has been introduced. Starting with the 2012 calendar year, this new form will require merchant service providers (those that facilitate the acceptance of credit cards) to report to the IRS the amount of gross receipts received from third party payers who collect and remit proceeds for your sales. Businesses that will see their income reported are those with ...
