Tax Guru – Ker$tetter Letter

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Archive for January 24th, 2013

Posted by taxguru on January 24, 2013

 

Mickelson and Woods Can Reclaim Their Patriotism by Backing Gay Marriage – Rush Limbaugh explains why Phil Mickelson had to retract his public complaints about high tax rates.  To be a good loyal citizen, everyone is expected to bend over and take as much fiscal raping as our rulers feel is good for them.  To complain is now considered an unpatriotic act.

 

 

The Progressive Income Tax and the Ruling Class – Rush explains how the Marxist high tax rates on successful people is used to prevent accumulation of privately held wealth.

 

 

 

Democrats: We’re Not Done Raising Taxes – It’s in their DNA to always increase taxes and to lie about it.

 

 

Jindal’s Bold Tax Reform – He’s still trying to drop income taxes from Louisiana.

 

From Argus Hamilton:

Phil Mickelson said Monday he may relocate his family to escape the higher federal taxes on the rich. It’s bad. The PGA stars have asked tournaments to stop putting their real names on the leader board because they don’t want to give the IRS their coordinates.

 

 

Posted in TaxNews | Comments Off on

Slow down with 1099s and W-2s

Posted by taxguru on January 24, 2013

It’s time for another reminder to not be so quick sending IRS its copies of 1099s and W-2s.  I just sent this message to client after he sent me copies 1099s that he had already mailed to IRS.

Thanks for sending me the copies of the 1099s you submitted to IRS.  I have printed them out and put them in the corp’s tax file folder.

In the future, it would be a good idea to wait until some time in February to send IRS its copies.  The recipients are supposed to be given their copies by January 31; but IRS doesn’t need its copies until Feb 28.  The reason for the extra month is to give everyone a chance to spot any errors prior to sending the IRS copies in.

If you do later send in a Corrected 1099 to correct an already filed erroneous form, IRS will often miss the “Corrected” box entry and will show both of the forms as valid ones in their computer and expect to see the total of both of the amounts on the payee’s tax return, creating a mess to straighten out.

Let me know if you have any questions.

Kerry

 

Posted in 1099, IRS, W-2 | Comments Off on Slow down with 1099s and W-2s