The TIR Answer Center Includes:
Subscribe for one year by May 31, 2012 & get a free 2012 Form 1099 Compliance Guide!
"Denise Johnson is fantastic. Her knowledge of the Information Reporting regulations is unparalleled. Her ability to interpret and explain them in laymen’s terms so they are understandable is a valuable asset."
So that our non-subscribers can get a better flavor of the types of questions we answer for our current subscribers please see below for a listing of questions which we have answered, and that have recently been added to our Tax FAQ Database.
Question #1
Our very own Steven Mercatante Esq. will be a featured speaker for Convey Compliance's C2 Summit scheduled Sunday, September 23, 2012 - Tuesday, September 25, 2012 in Dallas, Texas.
We continue to get quite a bit of questions about the tax compliance guidance we offer at TIR. As such we thought we would give you a flavor for how we approach helping our clients - in this case by providing you with a free webinar from last spring on regulatory and compliance changes that were made in 2010-2011.
Regrettably the reporting situation presented by an untimely death is all too common. Are you prepared when this happens? If not, you need to be as there are vital differences between handling payments made involving this vendor and/or the possible entities that represent the deceased after their passing.
As we have reported previously, more and more former unpaid interns are filing lawsuits against employers for being forced to work as a full time employee without being compensated for work performed; thus violating federal and state wage, hour, and tax laws regarding the proper classification of interns vs. workers.
In April leading regulatory officials testified before Congress regarding an increased focus on measures to close the estimated net $385 billion tax gap (the actual tax gap as of 2006 has been estimated at $450 billion - with enforcement measures recovering $65 billion).
How to handle a vendor that provides 1099 reportable services, but to whom you have also issued an advance on an equipment purchase can be a tricky issue that needs to be handled with care...
To ensure third party reporters are doing their part in making sure that their payees are accurately reporting taxes owed to the Federal Government the IRS has created a number of programs, including the focus of this article: the “B-Notice Program”.
Kentucky's Department of Revenue (DOR) is instituting a tax amnesty program running from July 1, 2012 to June 30, 2013. The program will cover tax liabilities incurred during the time period December 1, 2001 to October 1, 2011.
If you have encountered such a situation do not worry. This is actually a relatively common occurrence. That said, you will need to address this problem, but your response will be dependent upon if you file on paper or electronically.