It seems that Congress is trying to get every tax dollar they can. They rejected of not filing the information return on all expenses no matter what they are.
Right now, buying fuel, maintenance, repairs, tires, even your meals are going to have to get information from the vendor of the following information if you pay cash
1. There Federal Identificatiion Number
2. Name, address, telephone # and amount for every expense
3. the amount you spent will be entered as non employee
compensation on line 7 of the 1099 MISC.
This is basically a general rule, but the final word and law has not been made clearly yet.
From what I understand is that it is not effective until the 2012 tax year but that could change anytime, since the repael has been rejected.
In otherwords they want real proof of the expenses that you are claiming to make up for the deficit in the budget the Obama increased with his stimulus bail outs.
We don't exactly know what has to be done right now all I know is that you have to give a 1099MIsc to every person, Company, that you purchase items for your business and that can be anywhere from 1- over 100 for each 1099 MISC and you will be charged to make them out and mail them.
Right now the average Accountant charges between 20-40.00 each CPA's would be the highest
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
Right now, buying fuel, maintenance, repairs, tires, even your meals are going to have to get information from the vendor of the following information if you pay cash
1. There Federal Identificatiion Number
2. Name, address, telephone # and amount for every expense
3. the amount you spent will be entered as non employee
compensation on line 7 of the 1099 MISC.
This is basically a general rule, but the final word and law has not been made clearly yet.
From what I understand is that it is not effective until the 2012 tax year but that could change anytime, since the repael has been rejected.
In otherwords they want real proof of the expenses that you are claiming to make up for the deficit in the budget the Obama increased with his stimulus bail outs.
We don't exactly know what has to be done right now all I know is that you have to give a 1099MIsc to every person, Company, that you purchase items for your business and that can be anywhere from 1- over 100 for each 1099 MISC and you will be charged to make them out and mail them.
Right now the average Accountant charges between 20-40.00 each CPA's would be the highest
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
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