Tag Archives: Payment

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 […]

Mandatory e-pay Penalty Begins – Old Penalties Being Reconsidered

 Beginning January 1, 2011, we began enforcing the mandatory e-pay penalty. (California Taxation and Revenue Code 19011.5)   Acknowledging high year-end postal volumes, we recognize that there could be delays in our receipt of payments postmarked on or before December 31st, 2010. As a result, we are reviewing accounts where the penalty was assessed and […]

Expensing Accounts Payable

Today TaxMama hears from Cinda in the TaxQuips Forum with a quickie question. “I bought a company and with it came  $72,310 worth of outstanding debt.  How should I initially set this up and how would I track the payments I make towards these payables?  The payments are an expense correct?”

House Passes Taxpayer Assistance Bill

 Courtesy of NAEA – www.naea.org On Wednesday, April 14, 2010,  the House passed by on overwhelming majority (399-9) HR 4994 (The Taxpayer Assistance Act of 2010), which was sponsored by Ways and Means Oversight Subcommittee Chairman John Lewis (D-GA). The bill includes several items of note to enrolled agents and, specifically it:

GET YOUR EXTENSIONS HERE!

Get your IRS extension here! Note: This page has been updated to include links to Personal, Business and State extensions. Courtesy of IRS If you can’t meet the April deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. Here are seven things you […]

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 […]

Transferring an IRA Triggered 10% Penalty

Courtesy of David & Mary Mellem, EAs We’re not talking about a normal transfer of an IRA here. We are talking about a taxpayer who transfers an IRA from which the taxpayer was taking substantial equal periodic payments. First an overview: A taxpayer is generally subject to income tax on distributions from an IRA account […]