The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In…
Author Archive for Oscar
Taxable and Nontaxable Income
by Oscar • • 0 Comments
Section 61 of Internal Revenue Code states that “except as otherwise provided in this subtitle, gross income means all income from whatever source derived…” and reflects the language of the 16th Amendment that authorized the Federal Income Tax. Under this…
Missing Your W-2? Here’s What to Do
by Oscar • • 0 Comments
It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to…
Dependents and Exemptions
by Oscar • • 0 Comments
While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. Here are six important facts about dependents and exemptions that will…
Who Should File a 2012 Tax Return?
by Oscar • • 0 Comments
Who Should File a 2012 Tax Return? If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received…
Getting started with Quickbooks
by Oscar • • 0 Comments
1099Bookkeepers, LLC is your solution for installing and maintaining Quickbooks. Initial installation is the most important part of Quickbooks. Starting off on the right foot will keep you going in the right direction for years to come. Call us…
New Questions on 2011/2 Forms Could Be a Trap for the Unwary
by Oscar • • 0 Comments
From the Parker Tax Library New questions regarding the filing of Forms 1099 have popped up on 2011 tax forms and are giving practitioners heartburn. Starting in 2011 Forms 1120 and 1120S, and Schedule C of Form 1040, all contain the…
Disaster Payments to Employees
by Oscar • • 0 Comments
As we are all aware, Sandy was a first class disaster the like of which this region has never seen before. One of the tax responses to this disaster, as in any federal disaster, is that employers may make reasonable…
Six Important Facts about Dependents and Exemptions
by Oscar • • 0 Comments
Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions…
Employment Taxes and the Trust Fund Recovery Penalty (TFRP)
by Oscar • • 0 Comments
To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP. These taxes are called trust fund taxes because…