Tag Archives: Cheque

No 1099-MISC if Paid by Credit Card

[TaxMama Note: Another bookkeeping nightmare. Are YOU keeping track of how you pay YOUR vendors and service providers?] No 1099-MISC if paid by credit card (01-19-2012) In the instructions to Form 1099-MISC, the IRS has made it clear that payments made with a credit card, or through any third-party payer, are not reported on Form […]

NSF Charges

Today TaxMama hears from Toni in the TaxQuips Forum. She just wants to confirm. “NSF charges are allowable, aren’t they?  Years ago, as an auditor, I used to disallow them. At some point I was told by either review or appeals that they are allowable.  I still don’t think they should be & a client who […]

Missing Checks

Today TaxMama hears from Susan in Florida, with this issue. “If the owner of a business is able to provide bank statement, but no copies of checks, can the owner provide a written statement defining the percentage that was spent in each category? For example. 5% spent on Utilities, 30% spent on advertising, etc.”