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Archive for February, 2010

1099 Tax Reporting – How Responsible AM I?

Posted on Feb 28, 2010 in Uncategorized No Comments »

Question January got the best of us and wea��re now just in the process of finalizing and issuing our 1099s. At least wea��re not late in filing with the IRS (due February 28th). In our efforts to collect names, addresses and social security numbers, one of our contractors said she wasna��t aware that she would […]

Colorado Dept of Revenue: On Line or Off?

Posted on Feb 25, 2010 in Uncategorized No Comments »

It has come to my attention that unfortunately the Colorado Dept of Revenue is still experiencing a number of glitches since they updated their computer system last October. Back in NovemberA�a number of my clients received A�a nonfiler notification letter regarding online wage withholding tax filing for Q3: A�Julya��September 2009. I had hoped that the […]

Always Read the Instructions. Carefully!

Posted on Feb 21, 2010 in Uncategorized No Comments »

Question: How do I Best Report a Large Increase in Income FAQ? My income is going to increase dramatically this year. I think Ia��m going to do a 529 with some of my windfall. A�At least that gets me out of the state tax. A�Do text your ex back> you have any other advice? Answer:A� […]

Waiting for a 1099 to come in

Posted on Feb 20, 2010 in Uncategorized No Comments »

Question: Any reason why I havena��t received my 1099 for my investment account? Answer: More and more companies are not mailing out tax forms and instead, account holders must go online to retrieve the appropriate tax information necessary to prepare a complete and accurate tax return. This is ostensibly an effort to be ‘green’ . […]

Two Companies – One New Hire

Posted on Feb 15, 2010 in Uncategorized No Comments »

Question: We want to hire one person to work full-time for our ancillary company that is set up as a separate limited liability company.A� Do we run this payroll through our primary operating company or do we instead set up this person as an employee of our ancillary company? Answer: Of course a�?it dependsa�?. If […]

Statutory Employee? What’s That?

Posted on Feb 09, 2010 in Uncategorized No Comments »

Question a�� An employee of ours wonders if he can be treated as a statutory employee.A� What on earth is that? Answer: The term statutory employee includes the following: Life insurance agent Agent-driver or commission-driver Salesperson who solicits orders from other business establishments on behalf of a principal Home-based worker performing piece work on behalf […]

What paperwork needs to be done when closing a business?

Posted on Feb 05, 2010 in Uncategorized No Comments »

Question: I closed my business, what governmental agencies do I have to contact and inform them of my unfortunate business demise? Answer: My sympathy, first and foremost. Then the answer is it could be viagra online canadian pharmacy a few; it could be several. The most important and often overlooked is formally dissolving your legal […]

Always Be Prepared for an Audit. Here are the Key Steps:

Posted on Feb 02, 2010 in Uncategorized No Comments »

Although technology has created an increasingly paperless environment, an audit, whether initiated by the Internal Revenue Service, state, or local governmental agency, still requires a clear paper trail. For a typical IRS examination, 14 monthly bank statements must be furnished (January through December of the audited year, December of the prior year and January of […]