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Lawsuit Settlement

When are Legal Settlements Taxable?

More often than not, the taxability of an award or legal settlement is not on the forefront of a person’s mind when they are a party to a dispute or a lawsuit. Yet the tax implications of an award or legal settlement are important and should not be ignored, or there may be issues down […]

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comments 15 1
Form W-9 & Independent Contractor Agreement

What if a Contractor or Vendor Refuses to Provide a W-9 for a 1099?

In our last blog, Filing a Form 1099, we discussed business’s 1099 filing requirements. Here, we will discuss what a business should do if a contractor, vendor, or other person will not provide the information necessary for the business to prepare and file a 1099. If a business (including sole proprietors) pays a contractor, vendor, […]

READ MORE
comments 15 1
Form 1099 & Form 1096

Filing a Form 1099

You have a business, and your business paid an independent contractor, vendor, or other person for services, goods, or rent sometime during the year. Perhaps you paid an accountant to do your bookkeeping, or an attorney to advise you regarding a contract.  Maybe you paid someone to do some overflow work for you for a few weeks […]

READ MORE
comments 15 1
Tax Mistakes

Common Tax Mistakes to Avoid When Filing Your Return

With only a few weeks left in filing season, the IRS released a list of common tax mistakes that taxpayers make each year when they file their tax returns.  The list of tax-filing errors to avoid includes the following: Wrong or missing Social Security numbers. Make sure you match your SSN to your Social Security […]

READ MORE
comments 15 1
Dirty Dozen Tax Scams

IRS’s “Dirty Dozen” Tax Scams for 2015

Each year the IRS releases a list of “Dirty Dozen” tax scams—a list of the 12 most prevalent tax scams the IRS feels that taxpayers need to be aware of.  Many of the scams peak during filing season as taxpayers file their returns. Here is a recap of the IRS’s “Dirty Dozen” scams in 2015: […]

READ MORE
comments 15 1
Telephone Tax Scam

Telephone Scams Tops List of IRS “Dirty Dozen” Tax Scams for 2015

Each year the IRS publishes a list of what it coins as the “Dirty Dozen” tax scams.  The list contains a variety of common tax scams that taxpayers may encounter anytime, although many of the schemes peak during filing season as taxpayers file their returns.  Unlike previous years, the IRS is releasing its 2015 “Dirty […]

READ MORE
comments 15 2

IRS Memo Addresses Limits to Deductions for Marijuana Businesses

On January 23, the IRS released Chief Counsel Memorandum 201504011, which sheds light on how taxpayers trafficking in controlled substances, such as marijuana, determine costs of goods sold (also known as “COGS”), and if the IRS can require taxpayers trafficking in controlled substances to change their method of accounting for costs if the taxpayer currently […]

READ MORE
comments 15 1
Circular 230

IRS Guidance for Practitioners Working With Marijuana Retailers

The IRS Office of Professional Responsibility plans to release guidance in the first quarter of 2015 for practitioners working with marijuana retailers (whether medical or recreational) in states where the sale of marijuana is legal. Practitioners are concerned that preparing returns for marijuana growers and retailers could lead to legal trouble, and will be considered […]

READ MORE
comments 15 1
post-image-1

How to Make Charitable Donations Before Tax Year Ends

There are many charitable donations that could affect your tax obligations for 2014. Many charitable donations may qualify as tax deductions which will potentially lower your overall taxable income. However, you must donate to a qualified institution.  You cannot just give money away to another person or organization of your choice. Typically, qualified institutions are one of […]

READ MORE
comments 15 1

IRS Tips for Charitable Giving

If you plan on making a donation and taking a charitable deduction, there are a few things to keep in mind. Below is a list of some of the IRS’s tips for charitable giving: Property donations. Household items (clothing, furniture, electronics, etc.) must be in good condition or better. Money donations. The donor must have […]

READ MORE
comments 15 1

When are Legal Settlements Taxable?

February 8, 2016

More often than not, the taxability of an award or legal settlement is not on the forefront of a person’s mind when they are a party to a dispute or a lawsuit. Yet the tax implications of an award or legal settlement are important and should not be ignored, or there may be issues down […]

READ MORE

What if a Contractor or Vendor Refuses to Provide a W-9 for a 1099?

February 1, 2016

In our last blog, Filing a Form 1099, we discussed business’s 1099 filing requirements. Here, we will discuss what a business should do if a contractor, vendor, or other person will not provide the information necessary for the business to prepare and file a 1099. If a business (including sole proprietors) pays a contractor, vendor, […]

READ MORE

Filing a Form 1099

January 25, 2016

You have a business, and your business paid an independent contractor, vendor, or other person for services, goods, or rent sometime during the year. Perhaps you paid an accountant to do your bookkeeping, or an attorney to advise you regarding a contract.  Maybe you paid someone to do some overflow work for you for a few weeks […]

READ MORE

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Lawsuit Settlement

When are Legal Settlements Taxable?

More often than not, the taxability of an award or legal settlement is not on the forefront of a person’s mind when they are a party to a dispute or a lawsuit. Yet the tax implications of an award or legal settlement are important and should not be ignored, or there may be issues down […]

READ MORE
comments 15 1
Form W-9 & Independent Contractor Agreement

What if a Contractor or Vendor Refuses to Provide a W-9 for a 1099?

In our last blog, Filing a Form 1099, we discussed business’s 1099 filing requirements. Here, we will discuss what a business should do if a contractor, vendor, or other person will not provide the information necessary for the business to prepare and file a 1099. If a business (including sole proprietors) pays a contractor, vendor, […]

READ MORE
comments 15 1
Form 1099 & Form 1096

Filing a Form 1099

You have a business, and your business paid an independent contractor, vendor, or other person for services, goods, or rent sometime during the year. Perhaps you paid an accountant to do your bookkeeping, or an attorney to advise you regarding a contract.  Maybe you paid someone to do some overflow work for you for a few weeks […]

READ MORE
comments 15 1
Tax Mistakes

Common Tax Mistakes to Avoid When Filing Your Return

With only a few weeks left in filing season, the IRS released a list of common tax mistakes that taxpayers make each year when they file their tax returns.  The list of tax-filing errors to avoid includes the following: Wrong or missing Social Security numbers. Make sure you match your SSN to your Social Security […]

READ MORE
comments 15 1
Dirty Dozen Tax Scams

IRS’s “Dirty Dozen” Tax Scams for 2015

Each year the IRS releases a list of “Dirty Dozen” tax scams—a list of the 12 most prevalent tax scams the IRS feels that taxpayers need to be aware of.  Many of the scams peak during filing season as taxpayers file their returns. Here is a recap of the IRS’s “Dirty Dozen” scams in 2015: […]

READ MORE
comments 15 1
Telephone Tax Scam

Telephone Scams Tops List of IRS “Dirty Dozen” Tax Scams for 2015

Each year the IRS publishes a list of what it coins as the “Dirty Dozen” tax scams.  The list contains a variety of common tax scams that taxpayers may encounter anytime, although many of the schemes peak during filing season as taxpayers file their returns.  Unlike previous years, the IRS is releasing its 2015 “Dirty […]

READ MORE
comments 15 2

IRS Memo Addresses Limits to Deductions for Marijuana Businesses

On January 23, the IRS released Chief Counsel Memorandum 201504011, which sheds light on how taxpayers trafficking in controlled substances, such as marijuana, determine costs of goods sold (also known as “COGS”), and if the IRS can require taxpayers trafficking in controlled substances to change their method of accounting for costs if the taxpayer currently […]

READ MORE
comments 15 1
Circular 230

IRS Guidance for Practitioners Working With Marijuana Retailers

The IRS Office of Professional Responsibility plans to release guidance in the first quarter of 2015 for practitioners working with marijuana retailers (whether medical or recreational) in states where the sale of marijuana is legal. Practitioners are concerned that preparing returns for marijuana growers and retailers could lead to legal trouble, and will be considered […]

READ MORE
comments 15 1
post-image-1

How to Make Charitable Donations Before Tax Year Ends

There are many charitable donations that could affect your tax obligations for 2014. Many charitable donations may qualify as tax deductions which will potentially lower your overall taxable income. However, you must donate to a qualified institution.  You cannot just give money away to another person or organization of your choice. Typically, qualified institutions are one of […]

READ MORE
comments 15 1

IRS Tips for Charitable Giving

If you plan on making a donation and taking a charitable deduction, there are a few things to keep in mind. Below is a list of some of the IRS’s tips for charitable giving: Property donations. Household items (clothing, furniture, electronics, etc.) must be in good condition or better. Money donations. The donor must have […]

READ MORE
comments 15 1