1099 (2)

Well according to the latest Congress vote IT IS! Seems all the fussing and crying by ordinary business people and those who fight on our behalf truly paid off. The 1099 Repeal Passed Congress and the House and President Obama is expected to sign the repeal soon. According to a recent article posted by Dan Danner, President of NFIB,

"Had this regulatory burden survived, you would have been saddled with one of the worst mandates ever to come out of Washington. It would have robbed you and your fellow entrepreneurs of countless hours that you must have to manage and grow your business. It would have forced you to become an arm of the Internal Revenue Service, collecting information on your vendors and handing over reams of needless paperwork to federal bureaucrats who would have made your lives even worse with petty challenges…not to mention feeding your company’s information into the government’s bottomless data collection system from which additional problems could be raised years from now."

Seems now we don't have this headache to worry about. But the question still remains if government still truly understands or "gets" the issues of small business and if they don't, what other burdensome regulations are around the bend? I don't know, but what I do know is that I can tell my clients that for now, 1099-Misc only go out to non incorporated entities that you've paid $600 or more. :-)

Katrina M. Harrell
CEO & Founder, Your Simple Bookkeeper

 

Read more…

If you are a self-employed individual or running a small business, check out 7 quick things you need to do BEFORE or by January 31, 2011 to stay in good graces with the IRS!

 

1.  ISSUE 1099s  - If you hired an independent contractor in 2010 or worked with a non incorporated business, you must issue 1099 by January 31, 2011. You still have until February 28 to actually report to the IRS giving time for any corrections, however you should ensure your contractors and vendors have received their 1099 by the 31st.

 

2. ISSUE W-2s - Did you hire any employees in 2010? Even part-time? Seasonal? Aside from ensuring you did apply for employer tax numbers, you should also ensure you submit your employees (even terminated ones) W-2s by the 31st.  If you use a payroll service, check with them to ensure your payroll records are accurate and complete before issuing W-2s.

 

Check here for the remaining tips!

Read more…

Blog Topics by Tags

Monthly Archives