As you know, the government is spending trillions of dollars to help you and your small businesses stay in business. What you may not know is that you have to be very careful when choosing the right form of financial assistance. Why? Because there’s a buffet of tax-relief offerings to choose from. And some of them conflict with other federal relief measures that might … [Read more...]
Form 1099
Sorted by Date
COVID-19: Significant Payroll and Self-Employment Tax Relief
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ Are you in business for yourself? Is your business structured as an S … [Read more...]
Dynamex Causing Incorrect W-2 Classifications for Independent Contractors
The California Supreme Court made an important ruling in the Dynamex case. The court’s decision means that you could inadvertently improperly reclassify your independent contractors and make them suffer needlessly. The Dynamex decision and subsequent new California law causes trouble not only in California but throughout the country. If you have independent contractors … [Read more...]
No 1099, No Deduction?
Careful! If you didn’t issue 1099s to your contractors, you could face some nasty penalties. You see, if the IRS audits your tax return, your friendly auditor may claim that you can’t deduct the contractor payments because you didn’t issue those 1099s. Ouch! And then to add salt to the wound, the IRS will impose substantial penalties for failing to file those … [Read more...]
Received a fraudulent 1099? Get even!
This is a true story, straight from the IRS. (And if you ever receive a fraudulent 1099, this new article will help you.) The facts of the story… An auto dealer sold a car to a customer. The next day the buyer got a call from the dealer asking him to return to the dealership and change the agreed “no-interest” loan to an interest-bearing loan. The customer obviously said … [Read more...]