The Firm of Gardner & Billing, CPAs PLLC

Form 1099-MISC is used to report certain types of payments made in the course of a trade or business. If you're in business or self-employed, you may need to submit this report to both the Internal Revenue Service and the person or business that you paid.   The form is filed between January 1st and February 28th.  So who gets a 1099?   Every year this is a question that plagues many business owners.   Payments types are divided into categories (or boxes) on a 1099-Misc that are detailed below.   Reporting is required if the recipient is an individual, a partnership, an LLC or a sole proprietorship.   You are only required to report if the amount paid is $600 or more.   But remember that $600 is cumulative throughout the year and not per invoice! You are not required to report payments made to tax-exempt organizations and for the most part, corporations; however, there are a few exceptions! 1099s must be issued to corporations providing the following services: *     

Identity theft remains a top priority for the Internal Revenue Service in 2014. Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS. This year, the IRS continues to take new steps and strong actions to protect taxpayers and help victims of identity theft and refund fraud.  Stopping refund fraud related to identity theft is a top priority for the tax agency.  The IRS is focused on preventing, detecting and resolving identity theft cases as soon as possible.  The IRS has more than 3,000 employees working on identity theft cases - more than twice the level of a year ago.  We have trained more than 35,000 employees who work with taxpayers to recognize and provide assistance when identity theft occurs.  Taxpayers can encounter identity theft involving their tax returns in several ways. One instance is where identity thieves try filing fraudulent refund claims using another per

 As 2013 has come to a close and 2014 is getting started, here are some important things to consider for both employers and employees..... First, it is good practice for all employers to issue their employees a new form W-4 to fill out at the start of each year.  This provides the employee with an opportunity to update their information and change their withholding allowances based on how their prior year taxes turned out as well as update any name and address changes they had from the prior year. However you might feel that filling out one of these W-4 forms is not quite as simple as it would seem. The basic rule to remember is that the lower the number of allowances claimed, the higher the amount of Federal and State taxes that will be withheld from each paycheck.  Employees need to consider such things as: spouse's income and also, if they have activities in their lives generating income or loss outside of their W-2 jobs. For help and additional assistance on filling ou