Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return, Tax Reporting
Information return reporting requirements have been in place for many years, but the IRS has recently become stricter when it comes to enforcement. Penalties for late filing have been significantly increased, and you could now be hit with a $200 fine for a late or...
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return, Tax Reporting
There are different information returns for a variety of transactions. The process can be confusing; for example, there are 12 1099 forms that are all used for different purposes. It is a good idea to look for advice from a respected accountant in Arizona if you don’t...
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return
You normally need to file any of the 1099 forms with the IRS by Feb. 28, but recipients should receive copies by Jan. 31. The reporting requirements can be rather complicated. One part of the process involves obtaining a W-9 (Request for Tax ID Number) from any payee...
Dec 5, 2014 | Business Taxes, Information Return, Tax Reporting
You will need to go to the IRS website to view the list of 120 transactions that must be reported, along with the forms that must be used. Please note, this is not an exhaustive list, so even if a certain transaction is not included, it doesn’t mean you can avoid...
Dec 5, 2014 | Business Taxes, Information Return, Tax Reporting
An information return is a tax document that must be completed if you are engaged in a business or trade, whether it is classified as a corporation, estate, individual, trust, or partnership, if you make a reportable transaction during a calendar year. This document...
