Comments for 1099Fire http://www.1099fire.com/blog Mon, 26 Mar 2012 19:56:34 +0000 hourly 1 http://wordpress.org/?v=3.2.1 Comment on ‘T’ record appears to have an incorrect tax year in positions 2-5. by Erich J. Ruth http://www.1099fire.com/blog/?p=79&cpage=1#comment-1683 Erich J. Ruth Mon, 26 Mar 2012 19:56:34 +0000 http://www.1099fire.com/blog/?p=79#comment-1683 In 2012 (our current year), you are filing 2011 information returns. So the first line is formatted as T2011 and its considered the current year. If you want to file a prior year information return like 2010 or 2099, the first line would look like: T2010P T2009P where P stands for prior year. I hope this helps. Email anytime. In 2012 (our current year), you are filing 2011 information returns. So the first line is formatted as T2011 and its considered the current year. If you want to file a prior year information return like 2010 or 2099, the first line would look like:

T2010P
T2009P

where P stands for prior year.

I hope this helps. Email anytime.

]]> Comment on ‘T’ record appears to have an incorrect tax year in positions 2-5. by Bill Goodman http://www.1099fire.com/blog/?p=79&cpage=1#comment-1682 Bill Goodman Mon, 26 Mar 2012 19:29:34 +0000 http://www.1099fire.com/blog/?p=79#comment-1682 Very confusing. Tax year does not begin on Jan 5th, it always begins on Jan 1st. If I want to submit info return for tax year 2009 on Jan 10, 2010, it seems to me that first line formatted would be T2009P Very confusing. Tax year does not begin on Jan 5th, it always begins on Jan 1st. If I want to submit info return for tax year 2009 on Jan 10, 2010, it seems to me that first line formatted would be T2009P

]]> Comment on IRS Form 1099-K Starts in 2011 by Ken http://www.1099fire.com/blog/?p=158&cpage=1#comment-1570 Ken Tue, 18 Oct 2011 04:20:20 +0000 http://www.1099fire.com/blog/?p=158#comment-1570 W-9 had nothing to do with employees it is used to get contractors tax Id and address W-9 had nothing to do with employees it is used to get contractors tax Id and address

]]> Comment on 2011 IRS Nationwide Tax Forum Dates Released by Erich J. Ruth http://www.1099fire.com/blog/?p=528&cpage=1#comment-1561 Erich J. Ruth Fri, 30 Sep 2011 13:42:48 +0000 http://www.1099fire.com/blog/?p=528#comment-1561 They are available now. They are available now.

]]> Comment on 2011 IRS Nationwide Tax Forum Dates Released by Bev http://www.1099fire.com/blog/?p=528&cpage=1#comment-1560 Bev Wed, 28 Sep 2011 15:11:48 +0000 http://www.1099fire.com/blog/?p=528#comment-1560 When will the 2011 forums be available online? When will the 2011 forums be available online?

]]> Comment on Benefits and Disadvantages of Being an Independent Contractor by WALT PARTYKA http://www.1099fire.com/blog/?p=92&cpage=1#comment-1465 WALT PARTYKA Thu, 12 May 2011 03:33:27 +0000 http://www.1099fire.com/blog/?p=92#comment-1465 Many employers want to hire you as an independent contractor (a 1099 contract person, I like to call it) but subject you to "their rules" that makes you legally an employee. The employer may save thousands of dollars a month and reduce their "labor liability" and thereby moving their labor costs on your back. However, if you have an existing business and are a true independent contractor and demand twice the hourly rate of what an employee would make (not counting benefits) this advantage/disadvantage/benefit discussion of being 1099 contract person vs. being hired as a out right employee may not pertain to you. I am trying to bring some light on the 2008-2011? depression era where employers are asking their new employees to come on board as an independent contractors but tell their new hires hey.. you work Monday-Friday 8am to 5pm Sorry I don't have the time to go into this discussion in more detail, please contact your State Labor Board and/or the SCORE organization for free advice if you believe any labor laws might or will soon be violated in your particular situation. Sorry that I had to add the SCORE organization as a go to, however you may need free advice/answers quickly; and from my experience "State Agencies" and "provide you with "answers quickly" happen once in a blue moon. Many employers want to hire you as an independent contractor (a 1099 contract person, I like to call it) but subject you to “their rules” that makes you legally an employee. The employer may save thousands of dollars a month and reduce their “labor liability” and thereby moving their labor costs on your back. However, if you have an existing business and are a true independent contractor and demand twice the hourly rate of what an employee would make (not counting benefits) this advantage/disadvantage/benefit discussion of being 1099 contract person vs. being hired as a out right employee may not pertain to you. I am trying to bring some light on the 2008-2011? depression era where employers are asking their new employees to come on board as an independent contractors but tell their new hires hey.. you work Monday-Friday 8am to 5pm

Sorry I don’t have the time to go into this discussion in more detail, please contact your State Labor Board and/or the SCORE organization for free advice if you believe any labor laws might or will soon be violated in your particular situation. Sorry that I had to add the SCORE organization as a go to, however you may need free advice/answers quickly; and from my experience “State Agencies” and “provide you with “answers quickly” happen once in a blue moon.

]]> Comment on 1098-T and the Hope Education Credit by Erich J. Ruth http://www.1099fire.com/blog/?p=328&cpage=1#comment-1434 Erich J. Ruth Thu, 24 Mar 2011 02:44:10 +0000 http://www.1099fire.com/blog/?p=328#comment-1434 If you are filing your own taxes, you can claim a 1098-T. I have never heard of an age restriction for this form. If you are filing your own taxes, you can claim a 1098-T. I have never heard of an age restriction for this form.

]]> Comment on 1098-T and the Hope Education Credit by Breana Steele http://www.1099fire.com/blog/?p=328&cpage=1#comment-1433 Breana Steele Thu, 24 Mar 2011 00:17:59 +0000 http://www.1099fire.com/blog/?p=328#comment-1433 So... If I am a 19 year old student filing my taxes on my own (and not as a dependent of my mother), I can claim this 1098-T, correct? Someone had told me that (even if you file your own taxes, independently of your parents) that you can't file this form until you're over 24 years of age. So… If I am a 19 year old student filing my taxes on my own (and not as a dependent of my mother), I can claim this 1098-T, correct? Someone had told me that (even if you file your own taxes, independently of your parents) that you can’t file this form until you’re over 24 years of age.

]]> Comment on What is Form 1042-S and Who Needs to Submit One? by Erich J. Ruth http://www.1099fire.com/blog/?p=88&cpage=1#comment-1405 Erich J. Ruth Thu, 24 Feb 2011 21:29:29 +0000 http://www.1099fire.com/blog/?p=88#comment-1405 The 1042-S must be mailed to the recipient, that's you, by January 31. I would contact the payer to re-issue the 1042-S. If they refuse to give you Copy B, you can always contact the IRS. The IRS is the elephant in the room; you get them involved and they will contact that payer and they will get you that Copy B. As a side note, I didnt receive my 1099-INT from my bank. I called the bank and they said "we just aren't sending them out" and then later "if you really want it, just come on down and we will create it". The bank was just not motivated to create that information return but through persistence, I got it. The 1042-S must be mailed to the recipient, that’s you, by January 31. I would contact the payer to re-issue the 1042-S.

If they refuse to give you Copy B, you can always contact the IRS. The IRS is the elephant in the room; you get them involved and they will contact that payer and they will get you that Copy B.

As a side note, I didnt receive my 1099-INT from my bank. I called the bank and they said “we just aren’t sending them out” and then later “if you really want it, just come on down and we will create it”. The bank was just not motivated to create that information return but through persistence, I got it.

]]> Comment on What is Form 1042-S and Who Needs to Submit One? by Yessica http://www.1099fire.com/blog/?p=88&cpage=1#comment-1403 Yessica Thu, 24 Feb 2011 21:05:49 +0000 http://www.1099fire.com/blog/?p=88#comment-1403 I´m a exchange student in LSU (Louisiana State University) and I asked for my 1042-S form and nobody can give me it. Is it right??? Because I´m paying taxes. I´m a exchange student in LSU (Louisiana State University) and I asked for my 1042-S form and nobody can give me it. Is it right??? Because I´m paying taxes.

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