From the nielsen law group Tag

Tax FAQ Series: When should a Form 1099-Misc be issued?

A 1099-Misc Form should be issued to Non-W-2 providers of services, including sole-proprietors, partnerships (including LLC’s that have elected to be taxed as partnerships), and independent contractors. However, you are not required to issue […]

My bookkeeper is asking for the year-end adjusting journal entries – what are they and do I need them?

We recommend that the company’s accounting records be maintained as the primary source of financial information and that you do NOT attempt to adjust these financial records to match the tax return information. Although […]

Tax FAQ Series: I’m an S-Corp – Do I need to pay myself a wage?

A: YES! While there are a few exceptions, the short answer is a simple and resounding YES! When you make the S-Election, you get a number of tax benefits. But one important requirement to […]

Tax FAQ Series – Do I Need To Keep Records?

Yes! What records you need for your business should be shaped by the needs of your business (not the IRS). If you need detailed records of inventory or customer receivables, then keep them. And […]

Tax FAQ Series: Is Bookkeeping Important?

Yes. Very important! Financial reports provide you a way to know how your business is doing at a detailed level and the bookkeeping activity is what provides the detail for these financial reports. This […]

Tax FAQ Series: What programs are out there to keep track of my business expenses/deductions?

There are a lot of great apps and programs for tracking expenses/deductions. Here are a few we suggest. Mint.Com: This is a free online system that allows you to link your bank accounts to […]

IRS Dispels Five Myths About Tax Refunds

As we approach the tax deadline, taxpayers are anxious to receive their tax refunds. Rumors about refunds often circulate online. The IRS dispelled five of these myths about tax refunds. We’ve summarized these myths […]

What are the Penalties For Early Retirement Plan Withdrawals?

If you have a question you would like featured on the blog, email [email protected] Funds from any retirement account may be withdrawn early without a penalty if certain exceptions apply (like $10K for a […]

Tax FAQ Series: What’s The Difference Between a Pass-Through Entity and a Disregarded Entity?

There’s an important, but subtle difference between a Pass-Through entity and a Disregarded entity. An entity that has been organized under the laws of its applicable state can elect to be “disregarded” for tax […]

Tax FAQ Series: Who Qualifies As A Dependent?

If you have a question you would like featured on our TAX FAQ series, please email [email protected]. First, you should be aware that in 2018 the laws associated with dependents and related deductions changed […]