- Rejoice - Congress Overturns Enhanced 1099 Reporting Requirements
- In earlier newsletters, we had notified you of two new 1099 reporting requirements for businesses and rentals.
- New 2011 Reporting Requirement for Landlords
- If you use unincorporated independent contractors to perform services for your rental and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year.
- What Happens with Taxes if the Federal Government Shuts Down?
- A Federal shutdown will delay tax refunds for taxpayers who file their returns on paper rather than electronically. The IRS states that electronically filed returns have their refunds processed automatically. The April 18 tax deadline is still in effect for filing 2010 returns. So do not delay if you have not yet filed your tax return. Filing late with a tax due will incur both late filing and late payment penalties.
- Tax Due Date Rapidly Approaching!
- Just a reminder that the due date for 2010 tax returns is April 18, 2011! Normally the deadline is April 15, but when a due date falls on a weekend or holiday, the due date is extended until the next business day.
- Reduced SS Withholding Rate for 2011 Only
- If you noticed an increase in your take-home pay this year, it is probably the result of a reduction in Social Security withholding. But don't get too accustomed to it; the reduced Social Security withholding is only temporary.
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