Form 1099 FAQ

Form 1099Form 1099 is something that most people have heard of, seen or even received.  Even those people are not 100% sure about what are they, who gets them, who needs to send them, and why? [Read more…]

Kim’s Fuss-a-Thon

Kim 200x200Kim Fourman, Certified Public Accountant, at Loggins Kern & McCombs shares some of her new year’s cheer on a recent post from her husband’s blog, Luke 1428.  Enjoy her post and get some great pointers for small businesses, here  January Fuss-a-Thon.

Thanks Kim!

QuickBooks – 1099 Printing Issue

QBPA Advanced LogoFor tax season 2013, the Internal Revenue Service has updated the 1099-MISC form layout slightly.  Anyone who prints their own 1099-MISC forms from QuickBooks, please be aware that the only QB version that will print correctly is 2014.  The IRS will not accept forms that are printed incorrectly.   [Read more…]

Form W-9 and 1099 Basics

 

Tax season is coming soon. Why not get a head start?

A vendor providing goods or services to your company that is not incorporated may require additional tax forms for the IRS called the W-9 and 1099. Generally, this occurs when hiring independent contractors to whom your business has paid over $600 to during the tax year. Failing to file these forms may lead to large penalties or a backup withholdings of 28% of reportable payments. It is important to understand and file the correct forms in order to avoid these penalties as the IRS is aggressively enforcing these rules.

Form W-9

W-9 is the IRS’ “Request for Taxpayer Identification Number and Certification”. It identifies the entity’s name, address, type of entity, and taxpayer identification number. This is either the employer identification number (company) or social security number (individual). All vendors should complete a W-9 form if over the $600 threshold. Payments to corporations as vendors generally do not require a W-9 form with the exception of attorneys and law firms.

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Collect Form W-9 Now!

It is  extremely important to maintain Form W-9, Request for Taxpayer Identification Number and Certification, on all people you pay to perform services for your business.  This form enables you to correctly file necessary information returns (like 1099s) during the month of January each year.  Since January is right around the corner, [Read more…]