We just received some clarity on the new 1099-MISC filing requirements for business owners.  This was part of the most recently passed health care bill.  This requirement will take effect for tax year 2012.
Under these new rules, all businesses, corporations and sole proprietors, must issue form 1099s to ALL vendors paid $600 or more.  This [...]

 
Under the new health care bill – did you know that all real estate transactions are now subject to a 3.8% Sales Tax?  We do need to note here that most sellers can exclude up to $250,000/$500,ooo in gains from this tax.  The bulk of these new taxes don’t kick in until 2013.
 This new law does [...]

Like the aftermath of Hurricane Katrina, oil spill victims are about to get kicked by the IRS while they are down.
 According to a recent Associated Press report, payments by British Petroleum to oil spill victims will be taxed as regular income.
 The same report quoted several Gulf Coast residents as saying that the money has been [...]

 
This is a form reporting cancellation of debt.  Let’s say that you stopped paying on one of your credit cards.  The company may decide the debt is uncollectible and write it off.  They can then send you a form 1099-C. 
 The amount of this written-off debt must then be reported on your tax return.  This cancelled [...]

An Infowars.com post on August 14 explains that the US equities market has triggered a confirmed technical indicator known as the “Hindenburg Omen.” This omen, as you may have guessed, suggests that a stock market crash is on the way.  This is the most feared indicator for Wall Street bulls. However, when the infamous omen [...]

Well, it depends.  The general rule on this is that you need to make a profit in 3 out of 5 consecutive years ending with the year in question, unless the IRS proves otherwise.  There are several exceptions to this rule, such as some farming and livestock activities.  There is a special election form that [...]

 
The Florida Department of Revenue is beginning to ramp up its collection and enforcement activities these days.  They have changed their phone banks and forms to resemble those of the IRS, complete with the “Press 1 For English” phone prompt.
 They will mail you a notice of audit.  You can either represent yourself or have a [...]

Yes, sometimes.  This is called an Offer In Compromise (OIC).  Be careful with these late-night commercials making these outrageous claims.  These companies typically charge several thousand dollars up front, then assign your account to an employee who is only authorized to discuss the account, but not represent you before the IRS.
 Make sure anyone helping you [...]

 
An NOL is the excess of allowable deductions over gross income, computed under the law in effect for the loss year, with required adjustments.  Say what????
 A Net Operating Loss can apply to individuals, partnerships, and corporations.  The NOL from a pass-through entity will be reported on form 1040 of the shareholders/members.  Taxpayers entitled to the [...]

 Employers have to pay unemployment tax on top of the matching FICA payroll tax.  There is a state unemployment tax, and a federal unemployment tax.
 The federal unemployment tax is paid at least annually, and reported annually on a federal form 940.  This is paid on the first $7,000 in compensation paid to each employee.
 The state [...]