The IRS Gives Notice

In an effort to collect on the 300 billion plus  tax gap, the IRS will be ramping up the amount of notices they send to everyone. Currently there are about seven different kinds of notices that the IRS will send to taxpayers and small business owners and most of designated with the initials "CP" and a number. The CP stands for Collection Process meaning that the taxpayer' account is in collections with the IRS. Get more details of the different notices here:



If a taxpayer receives any of the notices outline in the audio, the first step is to get a copy of the tax return in question and review it. If there is a discrepancy, be sure to contact the IRS as soon as possible to get the issues resolved. There may be a chance that interests and penalties have accrued on the taxpayer's account, so be sue to speak with your tax professional on ways to have the penalties abated.

Be on the lookout in your mailbox taxpayers and small business owners, there may be a chance that the IRS notices you.

The Tech Accountant

Form 1099 Repealed Update

Well Congress has been working hard debating on how they will repeal the Form 1099 reporting requirements that were enacted last year, but the details currently are rather confusing for small business owners and landlords.

Just to give you an update on what's going on, there are two bills in the House and one in the Senate that are attempting to address the repeal of the Form 1099 reporting requirements and here is a brief overview of each:



For more details regarding the Form 1099 laws that were passed last year and how they currently affect small business owners and landlords be sure to watch the video on our website.

The Tech Accountant

Form 1099's are EZ with Peachtree

It's that time of year again. The wonderful tax filing time for small biz's and this year is the start of some of the many changes that will affect processing of Form 1099's for payments to vendors. One way for a small biz owner to make the process a bit less stressful is to use small biz accounting software in their business. Here is a quick video on how easy it is to file and complete your Form 1099's using accounting software.



The Tech Accountant

Form 1099's and You

Here is the topic that just won't go away....at least maybe not this year. Due to the lame duck Congress not reaching a compromise, the Form 1099 reporting requirements look like they will be a reality in the coming years.

Still confused about the new Form 1099 reporting requirements, feel free to watch this short video to fill you in on the details.



The Tech Accountant