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Breaking News



                Last year the general counsel for the IRS wrote an interpretation concerning who is to get sent a 1099.

The interpretation is that and individual, LLC, partnership or trust that is paid $600 or more in the year is to be sent a 1099 by the January 31, of the following year. The only entities that are not required to be sent a 1099 are corporations and subchapter-S corporations. If you do not have the Employer Identification Number or Social Security Number of the recipient you should request that the recipient provide you with an IRS form W-9 that identifies their tax status.

The IRS is increasing the fines for not timely filing the 1099’s with the recipient or the IRS. This fine is increased to $250 per 1099 that was not filed and even more due to willful negligence.




                New form you will receive is required to prepare and file your taxes

You will receive a new tax form, either 1095-A, 1095-B or 1095-C depending on the insurance provider, from your employer or insurer this year that identifies the healthcare coverage by you and your family by month for 2015. This data is required to be entered on the appropriate form 1040 tax forms in order to eliminate or reduce the healthcare coverage penalty.  DO NOT DISCARD THIS FORM.