Tax and Accounting blog written by a CPA (Certified Public Accountant) in Staten Island, NY.
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New Form 1099-K
Published on 2012-01-23 10:56:00
Business Accept Credit Card Payments?To our Clients and Friends:If your company has a business relationship with a “payment settlement entity” (e.g., an issuer of credit or debit cards; PayPal), you may soon be receiving something new in the mail: Federal Form 1099-K. Any payment settlement entity that processes over 200 transactions on your behalf in a calendar year that aggregates to over $20,000, must issue this form to you by January 31 of the following year. Thus, forms for 2011 must be
Important Facts about Dependents and Exemptions
Published on 2012-01-11 10:04:00
Six Important Facts about Dependents and ExemptionsEven though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can
Tax Updates for 2011-2012
Published on 2012-01-04 11:27:00
The most significant event affecting 2011 returns was the signing on Dec. 17. 2010, of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act), P.L. 111-312, which extended the ordinary income tax rates introduced by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), P.L. 107-16, and the capital gain tax rates introduced by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), P.L. 108-27. The Tax Relief Act also ex
