The Writing Accountant

One of the best tools for businesses reach the hei...

2012-04-26T07:02:16.544-07:00

One of the best tools for businesses reach the heights of success is by utilizing the internet. Social media is a good example. With this, it can reach wider audiences faster. What’s better is you can do this at home without wasting too much time and energy for your other tasks.

I don't see why not, if you're using QB.

2012-03-08T11:10:04.984-08:00

I don't see why not, if you're using QB.

This would make accrual reports much easier to mak...

2012-03-08T04:31:42.660-08:00

This would make accrual reports much easier to make by allowing hiding of those not so important elements in the sheet. If only I can use this for my company. Is this feasible for use in large companies?

I use Quickbooks Premier Nonprofit 2011 and this d...

2012-02-24T09:00:15.140-08:00

I use Quickbooks Premier Nonprofit 2011 and this didn't seem to work for me.

We have a vendor in question who has said they are...

2012-01-30T10:57:46.556-08:00

We have a vendor in question who has said they are Inc, but its an individual who provided service. Do we go ahead and issue a 1099 and if they are incorporated they don't need to report that, or just not issue one and hope that they are correct on their W-9 info? Is it better to over issue, then not issue if there is a question?? Thanks!!

The software that we use does not allow for "...

2012-01-30T09:55:21.224-08:00

The software that we use does not allow for "refused" in the 1099....it is programmed to ask for numbers. How do we file this form?

I understand you do a 1099 for rent but do you als...

2012-01-06T16:18:43.905-08:00

I understand you do a 1099 for rent but do you also do it for a security deposit paid to a rental agency?

Hi Julie, You can submit the 1099 with "refus...

2012-01-06T15:58:15.513-08:00

Hi Julie, You can submit the 1099 with "refused" in the EIN box. Then the IRS can deal with the "friend."

Thanks! Nope, no need for a 1099 then. It's on...

2012-01-06T15:57:09.389-08:00

Thanks! Nope, no need for a 1099 then. It's only attorneys who are soooo special!

Lots of great advice Monique! My accoutant is a Co...

2012-01-06T15:54:43.405-08:00

Lots of great advice Monique! My accoutant is a Corporation. This means I do not have to issue them a 1099, correct? Just wasn't sure if accountants were under the same rules as attorneys where you have to issue a 1099 either way. Thanks!!

My husband owns his own contracted business. He hi...

2012-01-04T19:17:05.496-08:00

My husband owns his own contracted business. He hired a friend for one time that was supposed be $150 but has used him multiple times now and paid out over $600 to him. This "friend" now refuses to provide a w9. What do we do?

They should issue the 1099 with the income as Rent...

2012-01-04T10:59:23.915-08:00

They should issue the 1099 with the income as Rents, not Other Income. If you don't fill out the W9, they can still submit it with "refused" in the SS block, which means it's then up to the IRS to deal with you. Other than that, I can't comment on whether the unemployment office will care if you have rent income or not.

I was on unemployment compensation all last year a...

2012-01-03T22:48:55.800-08:00

I was on unemployment compensation all last year and still am. For the month of July last year I sublet my apartment to someone who had his company issue the rent check. Now, January 2011 the company want me to fill out a W9. I am worried that I will get into trouble with unemployment. I did not work for this company. This was not earned income as far as I was concerned in terms of having to let the unemployment office know on continued claim form that I had "earned" money. Do I have to fill out a W9 form for this - and if I get issued a 1099 - will the unemployment office come after me to pay back the amount of money that the rent check totalled.

You don't need receipts or invoices from them....

2011-10-19T10:12:41.714-07:00

You don't need receipts or invoices from them. You have a record of what you paid them, either by cash or check, and from that you can issue 1099's. The corporation doesn't need to be issued a 1099. I like filetaxes.com for filing 1099's when there are only a few -- they take care of the mailing and filing with the feds.

I am a New LLC and recently just started to hire S...

2011-10-19T07:10:10.400-07:00

I am a New LLC and recently just started to hire Sub contractors one of which is incorporated and the other that are not to perform different services for my company i have the W-9 for both filled out and complete. But usually when the jobs are done they either give me the amount i owe or what i have to pay for services rendered. i either write a check out to them or pay by cash i made the mistake of not asking for receipts or invoices for the services and im getting all my affairs in order come tax time January to make sure i file the correct paperwork for both Misc-1099 or any paperwork needed to comply with IRS regulations what should i do??

Im looking for an accountant that specializes in I...

2011-09-12T13:41:55.108-07:00

Im looking for an accountant that specializes in Internet radio and media, can you help? hollyhall@bumbleproductions.com

I'd assume they're not a corporation, sinc...

2011-09-01T15:50:56.970-07:00

I'd assume they're not a corporation, since that's the more likely option. If you send them a 1099 and they ARE a corporation, no big. No penalty for you at all, so better safe than sorry!

I received a 1099 back from a vendor where they ma...

2011-09-01T15:43:53.666-07:00

I received a 1099 back from a vendor where they marked LLC but didn't indicate tax status (C, S or P) Do I just assume they are not a corporation or will this need to be clarified by them? If I send them a 1099 and they are a corporation is there a penalty for me?

Payrolling service bureaus that allow companies to...

2011-07-17T23:38:38.256-07:00

Payrolling service bureaus that allow companies to outsource part of their payrolling needs. Payrolling service bureaus that assume full responsibility for payrolling a specific contingent of the company's employees.

Hi, I just thought I'd follow up with further ...

2011-03-30T15:24:59.963-07:00

Hi, I just thought I'd follow up with further advice I got about these loans. Because they are fairly large, totaling as much as a full year of my income, my accountant thought putting them in Part V might not go unnoticed by the IRS, especially because Loan Repayment Due isn't a legitimate business expense. His preference was to add all of the loans to gross income and then likewise add that amount to COGS. This way the bottom-line net profit is accurate. Thanks again for your advice.

I need to add donation account 1st will be fund...

2011-03-16T12:34:17.152-07:00

I need to add donation account 1st will be funds I will receive donation from customers to add feature on my web application 2) will receive donation for a charity how to I set these accounts

Copies of your checks are fine. The last one is ...

2011-02-28T08:25:20.943-08:00

Copies of your checks are fine.

The last one is trickier, and is a timing issue. Having 1099's that don't match income is common because of timing. I'd put that on a separate line in Part V, and call it Loan Repayment Due - because it is a loan repayment that's due.

Thanks, and this could work for the first 8 loans,...

2011-02-28T04:45:43.523-08:00

Thanks, and this could work for the first 8 loans, but the last one was the largest and was made the last week of the year, so of course I haven't yet paid it back yet. As for the first 8 loan repayments, I have copies of my checks written to them. Should I get some kind of statement from the organization acknowledging the repayment of the loan? I'm still confused about how to handle the 9th loan. I can't expense it in Part V because I haven't repaid it yet. I wouldn't have accepted it if I knew they'd characterize it as income to me. Thanks for your advice.

Ah, the trick income. You do have to list the 1099...

2011-02-27T17:07:41.895-08:00

Ah, the trick income. You do have to list the 1099 income on your Schedule C, but then you deduct it right back out. I would put in Part V -- and call it Repayment of Loans. As long as you can explain it, should anyone ask, this works fine.

I file a Schedule C as a sole proprietor. I have ...

2011-02-27T16:29:14.481-08:00

I file a Schedule C as a sole proprietor. I have a contract with a non-profit organization that provides financing for products I manufacture. When I sell the product, I repay them the loan. They loaned me money 9 times this past year. I repaid the first 8 loans in full but not the 9th because that loan was made at the end of the year and I haven't sold the products yet. Now they've surprised me by issuing me a 1099-MISC and characterizing all 9 of the loans as self-employment income to me in Box 7. They even included the 8 loans I already repaid them! I'm worried the IRS will think I really earned all of this loan money, which exceeds the revenue I took in because of the 9th loan, which was the largest one. I don't know what to do. It's not income to me and I don't think I should pay self-employment tax on it. I told them all of this and they refuse to correct the 1099. They say since there is no guarantee that they'll be repaid, it's not a loan, and that they must report all payments to me on a 1099-MISC. What do you recommend I do?