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2 minutes read
As tax-filing season looms, the Internal Revenue Service (IRS) has unexpectedly granted a paperwork reprieve for millions of Americans, delaying the implementation of this new reporting requirement again. This welcome news for any individuals engaged in e-commerce, selling items on platforms like eBay, reselling concert tickets, and using payment processors such as Venmo.
4 minutes read
Each year, the Internal Revenue Service (IRS) puts out a list of common tax scams—dubbed the “Dirty Dozen”—to warn taxpayers. Ranging from identity theft to return preparer fraud, the list is intended to remind tax payers to use caution preparing, filing and discussing their annual taxes. Personal and other sensitive information can get into the wrong hands if the proper precautions aren’t taken. It’s wise to periodically review the IRS’ Dirty Dozen to keep...
1 minute read
Due to newly enacted legislation companies that pay any individual or corporation for goods or services more than $600 will be required to issue a 1099 to report the transaction to the Internal Revenue Service beginning in 2012. This creates a financial burden on small businesses that may not have the means to track and report every transaction for the year.