WM. F. Horne | January 2015

29Jan2015: Are You Required to File 1099s

Article Highlights: 1099-MISC Filing Requirements Independent Contractor Filing Threshold Form W-9 If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction

26Jan2015: Beware of the One-per-12-Month IRA Rollover Limitation in 2015

Article Highlights: 60-Day limit New interpretation New one-per-12-month-period rollover rule Types of plans included The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of

21Jan2015: What to Do if You Receive a Dreaded IRS Letter

Article Highlights: CP2000 Series Notices Automated Frequently Issued In Error What You Should Do When the IRS thinks it has found an issue with your tax return, it will contact you via mail with a CP series notice (most commonly CP2000). Please note that the IRS will never call or e-mail you initially about a

15Jan2015: Family, Income, and Residence Changes Can Affect Your Premium Tax Credit

Article Highlights: Advance premium tax credit (APTC) Repayment avoidance Things you should report Special enrollment period If you get health insurance coverage through a government Health Insurance Marketplace, it is very important that you keep the Marketplace aware of any changes in household income, marital status, and family size. If you are receiving advance

13Jan2015: Don’t Forget Those Nominee Forms 1099

Article Highlights: Who is a nominee? What a nominee must do Allocating reported income Series 1099 forms For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the

09Jan2015: 2015 Standard Mileage Rates Announced

Article Highlights: 2015 standard mileage rates Business, charitable, medical and moving rates Possible mid-year adjustments The Internal Revenue Service recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the

08Jan2015: January 2015 Due Dates

January 2015 Individual Due Dates January 9 – Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes crowded. January 12 – Report Tips to Employer If you are an

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