Tag Archives: broker

Greatland Offers Tips to Navigate 2011 Tax Changes

Courtesy of Greatland Corp Avoid penalties, improve compliance and know the important changes for the 2011 year-end   Grand Rapids, Mich., Oct. 25, 2011 – Every year brings with it new changes related to W-2 and 1099 forms and reporting requirements. Due to the government’s increasing focus on the proverbial “tax gap,” it’s more important than […]

Kicking Back Commissions

Today TaxMama hears from SB in the TaxQuips Forum with a common problem. “As a real estate professional, I had to kick back some commissions to a buyer to close a sale. But I am getting the 1099-MISC for the full commission. Can I give the buyer a 1099-MISC for the commission I paid her? […]

IRS Issues Final Regulations on New Basis Reporting Requirement

For Investors, Reporting Gains and Losses Gets Easier Starting in 2011 WASHINGTON — The Internal Revenue Service today issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later […]

Record Keeping for Business Barter Transactions

Courtesy of IRS In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service […]

Wash Sales

Today TaxMama hears from Kay in New Jersey, who has done some thinking. “I am an investor in the stock market. How can I avoid a wash sale? For example I own 100 shares of stock A and want to sell it to help offset my capital gains for 2009. However I do not want […]

Tomato Paste

A Jobless man applied for the position of ‘office boy’ at Microsoft. The HR manager interviewed him then watched him cleaning the floor as a test. ‘You are employed’ he said. Give me your e-mail address and I’ll send you the application to fill in, as well as date when you may start. The man […]

Missing a Form 1099?

Courtesy of the Internal Revenue Service TT-2008-25 If you receive certain types of income, you may get a Form 1099 for use with your federal tax return. Form 1099 is an information return provided by the payer of the income. The payer should send or provide your Form 1099-series information returns by January 31, 2007. […]

Capital Losses – Plus

Today TaxMama hears from Brian in Kentucky who tells us. “In 2006 I sold my house and had some decent profits. I decided to invest some of it and lost $13,000 quickly in the stock market so I closed my accounts. No more of that for me. If I don’t have any capital gains in […]