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PDF Editor FAQ

How will startups deal with the new IRS tax rules concerning 1099 forms that go into effect in 2012?

The law does not actually say a 1099 has to be filed or that a credit card can be used instead. It was the IRS that made the rule about 1099s and credit cards in an effort to enforce the law and presumably not be buried in paper.The penalties for a business which neglect to submit multiple 1099s for $600+ purchases or payments can add up fast and may be as much as $250,000. http://www.startupcompanylawblog.com/2010/08/articles/tax/summary-of-form-1099-penalties/#page=1

Can someone give advice to a new young business owner about LLC formation and taxes?

Wow, this could be a book. Where to start?The 1099-K shows your gross payments from PayPal by design. You won't actually be taxed on your gross income, because you are entitled to deductions against that income for your expenses in generating that income, but PayPal's instructions from the IRS are to report gross amount of all reportable transactions. See Instructions for Form1099-K (2011). The IRS will expect to see that income reported on the return with the tax ID number of the individual(s) to whom the 1099-K was sent.If you had income in 2012, because you are not yet organized as a business entity, that income will be reported on Schedule C on each of your tax returns, and each of you will take your own expenses against that income. This is where you need a professional who has knowledge of your situation to go over your finances for the business in detail; I wouldn't delay in finding someone. You don't necessarily need a CPA just for taxes - there are many qualified people who specialize in tax preparation for small business who are not CPAs. Check out all avenues - get referrals from your local CPA society and also your local chapter of the National Association for Tax Preparers (NATP), and also talk to people in your area who run small businesses and find out who they use. Don't be afraid to shop around. This is like finding a plumber or an electrician; you want someone who is qualified to do the job and on whom you can call whenever you have a problem that requires his expertise. Take your list of questions and concerns with you, schedule an appointment and make it clear that you are not looking just for someone who can prepare your taxes but someone who can give you advice and guidance on getting your business properly set up.You do have to make sure that all of the income on the 1099-K is properly reported. The IRS has a computer matching program where they match the payee ID on Form 1099s with the return from that individual, and if the income isn't there they will flag your return for review. I don't know whether PayPal is reporting all of the income to one payee or not; if there is only one person getting a 1099-K then you will need to discuss how it's handled with the preparer. It does not matter that none of the income was removed from the business; if you have net income it will be taxed.The default treatment of a multi-member LLC is a partnership, not "each person filing personally their percentage of the business". If you don't choose to be treated as an S-corporation, you will have to file a partnership return where all of the income and deductions are reported, and then each member of the LLC will receive a Schedule K-1 which shows his proportionate share of the net income from the business to be reported on the return. The same thing happens if you choose the S-corporation route. What's best for you depends on your overall business picture, and again you need someone you hire that is close to the situation to advise you on that.One other misconception that I will correct - neither partnerships nor S-corporations are taxed at the business level. Both are pass-through entities, and the income flows through to the individual partners/shareholders and is taxed at their individual rates.Good luck to you!

What industries use the 1099-misc form?

IRS Form 1099-MISC is an information return that tells the IRS and other government agencies that the person named in the form has received taxable payments during the year. It’s not specific to any particular industry.When Form 1099-MISC must be filedThe basic rule is that you must file a 1099-MISC whenever you pay an unincorporated independent contractor — that is, an independent contractor who is a sole proprietor or member of a partnership or LLC — $600 or more in a year for work done in the course of your trade or business.If you’re a broker who employs independent contractor agents, you need to file 1099s for them, as well as any other contractor you paid at least $600 during 2012.Remember, however, that a 1099-MISC need be filed only when an independent contractor’s services are performed in the course of your trade or business. A trade or business is an activity carried on for gain or profit.You don’t have to file a 1099-MISC for payments for non-business related services. This includes payments you make to independent contractors for personal or household service — for example, payments to babysitters, gardeners and housekeepers. Running your home is not a profit-making activity.Example: Eddy owns several homes he rents out to tenants. He is in the business of renting houses. Eddy pays Linda, who operates a painting business as a sole proprietor, $1,750 to paint one of his rental houses. Eddy must report the $1,750 payment to Linda on Form 1099-MISC.Example: Eddy pays Linda $1,750 to paint his own home. He lives in this home with his wife and family and it is not a part of his home rental business. Eddy need not report this payment on Form 1099-MISC because this work was not done in the course of his business.In addition, some business-related payments do not have to be reported on Form 1099-MISC, although they may be taxable to the recipient. These includepayments to corporations (except for incorporated lawyers)payments for merchandise, telephone, freight, storage, and similar items, andpayments of rent to real estate agents (but the real estate agent must use Form 1099-MISC to report the rent paid over to the property owner).

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