1099ing supplies and goods....coming soon

[Bee Busy]

I'm not sure if anyone has posted this story recently. I was at my CPA's yesterday and heard about this new headache http://prestinaegele.com/new-1099-requi ... l-business

 

[Chris A]

Hmmm, that's interesting. I thought that part of the bill was revised. Maybe not.

 

[floorguy]

Hmmm, that's interesting. I thought that part of the bill was revised. Maybe not.

Ditto....

plus did you not read the END of the article???

During 2011, National Taxpayer Advocate Nina Olson says her office will study the impact of the requirement. Depending on the results, the office might propose modifications to make the requirement less of a burden.

Rep. Dan Lungren (R-Calif), introduced the Small Business Paperwork Mandate Elimination Act, a bill pending before the Ways and Means Committee. He claims the requirement imposes extra costs on business owners who pay their taxes to help the government catch those who don’t. “This paperwork burden is only justifiable if you assume that nearly all businesses are cheaters,” he says.

However, if the provision is not repealed, companies of all sizes will want to consult with their CPA and financial adviser to get ahead of the curve by implementing systems that automate the 1099 process as much as possible.

Best of luck in September!

seeing as small business makes up a TON of the nations employed I cant imagine this will stick...

never the less....CHECK WITH YOUR CPA

 

[dgargan]

That will be a big PITA! Can you imagine keeping track of all that? What a nightmare

 

[Art Kelley]

This is what happens when an antibusiness, socialistic president and congress are allowed to make laws. They have no clue. This is why Obama and his parasitic liberal Democratic flunkie representatives will be given the bum's rush next year. In a way it's good they had their moment to make their stink. Time to flush the toilet.

 

[Royal Man]

This says this was repealed on April 15

http://www.insurancejournal.com/news/na ... 194776.htm

Your accountant needs a kick in the ass for not knowing this.

 

[Bee Busy]

This says this was repealed on April 15

http://www.insurancejournal.com/news/na ... 194776.htm

Your accountant needs a kick in the ass for not knowing this.

not sure about the kick in the ass there champ...he's a CPA, when it goes into law then he acts...I guess Obama's made 2 good decisions now, this one and Bid Laden, he's batting under his skinny ass weight huh? shiteatinggrin

 

[Rambo]

That's it. We're changing the name of our company : Cash Carpet Cleaning, just make the check out to: Cash, Mrs Piffelton

 

[Guest]

this would mean that you would have to keep track pf where you gassed up the trucks and you may well need to get an SS# or tax payer ID number from the corner gas station near your shop. If you buy the crew coffee at Dunkin at $600 annually get their ID. It means giving yours to your commercial customers. Or What? Pay for it with after tax dollars. That means a 50% increase in your basic costs.
we all know guys who live off the books and take all or most of their income tax free and this is meant to cripple them. But it may cripple us in the process.
(hey mikey and boob, this is my own opinion, no one told me to say this)
best wishes,
Barry O'Connell
http://www.persiancarpetguide.com/sw-as ... z_Rugs.htm

 

[truckmount girl]

If you buy the crew coffee at Dunkin at $600 annually get their ID.

You can't deduct that anyway. I used to do stuff like that all the time, back at the shop, buy lunch, breakfast, etc. and deducted it, but I got audited for 2008 and they said you can't deduct that. They disallowed $1500 because of that. I had no clue.

Take care,
Lisa

 

[Hoody]

If you buy the crew coffee at Dunkin at $600 annually get their ID.

You can't deduct that anyway. I used to do stuff like that all the time, back at the shop, buy lunch, breakfast, etc. and deducted it, but I got audited for 2008 and they said you can't deduct that. They disallowed $1500 because of that. I had no clue.

Take care,
Lisa

WHAT!?!?

That is news to me too, because when I was working in Ohio our CPA told us to keep all the food receipts as they were able to be written off. The company couldn't buy us lunch every day, but dinners for company holiday parties, and random lunches while doing large projects were able to be written off, I believe there was a max dollar amount for these types of write offs.

 

[Lora Olson]

My CPA has said there are two type of "food" deductions.

Buying dinner just the owners/ managers... that is deductible at 50%.

Buying lunch (bringing in lunch) for the entire company is considered a "cafeteria" type of food deduction and is 100% deductible. Kind of why the big software companies in silicone valley offer these types of extra incentives, like on-site gourmet cafeteria's, drycleaning, dog watching, babysitting, all paid. They offer it for ALL employees, and the company can deduct 100%. If they paid that same amount in extra wages it would cost them and the employees SO MUCH more in extra payroll taxes!

But again, check with YOUR CPA. Cause he/she 's the one sitting across the table with you when the auditor comes knocking!

 

[floorguy]

My CPA has said there are two type of "food" deductions.

Buying dinner just the owners/ managers... that is deductible at 50%.

Buying lunch (bringing in lunch) for the entire company is considered a "cafeteria" type of food deduction and is 100% deductible. Kind of why the big software companies in silicone valley offer these types of extra incentives, like on-site gourmet cafeteria's, drycleaning, dog watching, babysitting, all paid. They offer it for ALL employees, and the company can deduct 100%. If they paid that same amount in extra wages it would cost them and the employees SO MUCH more in extra payroll taxes!

But again, check with YOUR CPA. Cause he/she 's the one sitting across the table with you when the auditor comes knocking!

ding ding.....

When we work long hours and over like 20 miles away I always buy my guys lunch/dinner.....I write those ones off......

now when i feed just my fat ass...i only get 50%


kinda like why they dont let you right off hair cuts, and shoes....unless of course they are steel toed or "specialty" but your tennis, or Dr. martins etc... cant be written off....BECAUSE YOU HAVE TO DO THOSE THINGS ANYWAY Thats how it was explained to me on the food......ya gotta eat right...welllll :x :x :x :x

 

[Hoody]

My CPA has said there are two type of "food" deductions.

Buying dinner just the owners/ managers... that is deductible at 50%.

Buying lunch (bringing in lunch) for the entire company is considered a "cafeteria" type of food deduction and is 100% deductible. Kind of why the big software companies in silicone valley offer these types of extra incentives, like on-site gourmet cafeteria's, drycleaning, dog watching, babysitting, all paid. They offer it for ALL employees, and the company can deduct 100%. If they paid that same amount in extra wages it would cost them and the employees SO MUCH more in extra payroll taxes!

But again, check with YOUR CPA. Cause he/she 's the one sitting across the table with you when the auditor comes knocking!

ding ding.....

When we work long hours and over like 20 miles away I always buy my guys lunch/dinner.....I write those ones off......

now when i feed just my fat ass...i only get 50%


kinda like why they dont let you right off hair cuts, and shoes....unless of course they are steel toed or "specialty" but your tennis, or Dr. martins etc... cant be written off....BECAUSE YOU HAVE TO DO THOSE THINGS ANYWAY Thats how it was explained to me on the food......ya gotta eat right...welllll :x :x :x :x

Even if you got them from a uniform company for multiple staff ?

 

[Royal Man]

I'm writing off my time spent on Mikey's board right now.

 

[Lora Olson]

I'm writing off my time spent on Mikey's board right now.

I'm smelling an...

AUDIT!

 

[Hoody]

I didn't know BS and audit smelled the same ?

 

[Shane Deubell]

Congress fixed this in spring and Obama signed it, this is all done.

 

[Royal Man]

Congress fixed this in spring and Obama signed it, this is all done.

I posted that over 10 posts ago.

Mikey's board has never been a place to let facts and the truth ruin a good thread.

 

[XTREME1]

I guess no one pays attention to you. White noise

 

[randy]

Someone needs to be busy getting a new CPA that knows what the hell they are doing. That part of the deplorable and costly health care bill was removed from the bill WITH GREAT MEDIA COVERAGE.
I wonder what else your CPA is in the dark about, scary.

 

[Bee Busy]

Someone needs to be busy getting a new CPA that knows what the hell they are doing. That part of the deplorable and costly health care bill was removed from the bill WITH GREAT MEDIA COVERAGE.
I wonder what else your CPA is in the dark about, scary.

I've been with him for over 10 years and never been audited. Maybe he doesn't live on the TV or internet like some of you overly critical monday morning QB's, like I said before, it was a conversation, if it came into law, then I would be advised...many business owners had no knowledge of this, I was trying to inform info that I heard and help.

 

[randy]

Someone needs to be busy getting a new CPA that knows what the hell they are doing. That part of the deplorable and costly health care bill was removed from the bill WITH GREAT MEDIA COVERAGE.
I wonder what else your CPA is in the dark about, scary.

I've been with him for over 10 years and never been audited. Maybe he doesn't live on the TV or internet like some of you overly critical monday morning QB's, like I said before, it was a conversation, if it came into law, then I would be advised...many business owners had no knowledge of this, I was trying to inform info that I heard and help.

Audits have more to do with the volume the business does than who your CPA is. Once you cross over a certain reported gross sales your chance of an audit goes up tremendously. Your account is who you should be miffed at, he sucks. Obviously he isn't keeping up with the advisory bulletins that they get.
Get a new accountant, there is zero excuse for a CPA not being up to date.

 

[FredC]

lol..seriously...it was repealed back in APRIL....I'd get another accountant

Both the provision and its repeal were BIG NEWS...your accountant should know this.........................if he doesn't watch TV or read newspapers you should clue him in on carpet cleaning forums................cause there were quite a few threads about this

either he is clueless or was somehow setting you up for a fookin on the bill

 

[Bee Busy]

you guys really are funny like i'm gonna listen to u guys...it was a conversation for the 3rd time! yeah I'm gonna fire a guy that has done mine and my family taxes for over 20 years just because u say so...u guys need to get a life...go to *** and lecture people over there...BTW I posted this days ago, why weren't u smart guys posting then?

 

[Bee Busy]

I posted this on another website without this much grief...another member politely told me it was repealed...end of story...if u wanna keep pilling on my CPA fine...isn't it past you eastern time guys bedtime?

 

[rhino1]

In all seriousness Bee, I heard of the repeal a long time ago. It is an tax preparers JOB to stay current on tax law and reading a few hours a week is considered a standard part of the job. If he is falling behind current developments it would be you left with the bill.

 

[KevinD]

Just because one is a CPA does not mean that they will be well versed in tax law or tax preparation.
Keep that in mind when choosing either.

 

[Dmreed4311]

He Busy, im not sure if you heard this but it was repealed. That accountant of yours "insert comment"

 

[floorguy]

wooo hooo heres ours


http://convention.americancashflow.com/ ... _2005.aspx


Dale West
A public accountant and nationally recognized speaker, Dale West is a leading expert in the areas of tax reduction and lawsuit protection. His clients include Hollywood celebrities, professional athletes, CEOs of large corporations, and world-renowned physicians. As one of the nation’s top asset-protection advisors, West teaches techniques for helping cut income taxes, structure businesses for lawsuit protection and tax reduction, and protect personal estates. By integrating the three pillars of West’s Financial Fortress Strategies, his clients find themselves financially secure and legally insulated.