If your business has received payments in 2011 via credit and debit cards, as well as third-party network payments such as PayPal, Amazon.com and Google, you should have received Form-1099K’s from the processing companies by now. This is a brand new form introduced in an obscure provision of the 2008 Housing and Economic Recovery Act.[…]
President Barack Obama signed the payroll tax cut extension into law Wednesday, which was passed by Congress overwhelmingly last Friday. The measure extends the two percentage-point reduction in the tax that funds Social Security for the remainder of 2012. With this tax cut, The employee Social Security tax rate is reduced to 4.2%, while the[…]
Normally, April 15 is the filing deadline. However, for 2012, since April 15 falls on a Sunday, it is pushed back to the next available working day. As April 16 is a holiday in Washington DC, the filing deadline for 2012 has been pushed back to April 17. If you are planning to file an[…]
As of January 1, 2011, cost basis reporting — the identification of the actual costs of a security for income tax purposes — became mandatory as per the Emergency Economic Stabilization Act of 2008 – popularly known as the “bailout bill”. Under the new legislation, financial intermediaries must report accurate adjusted cost basis information to[…]
All Businesses Give annual information statements to recipients of certain payments you made during 2011. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following. Cash payments for fish (or other aquatic[…]