IRS « Small Business Startup Information

IRS refuses to accept checks from employers

Have you heard the news?

Starting January 1, 2011, the IRS will no longer accept paper checks for payment of payroll taxes. All employers MUST pay their payroll taxes electronically. If you haven’t received official notice yet from the IRS, you will. Millions of taxpayers are affected by by the new rules so it will take [...]

Do You Have to Report Income if You Don’t Get a 1099?

Short answer:Yes

Longer answer: You’re required to report all the income your receive, regardless of how you receive it. That includes payments you get as cash, check, or property. Technically speaking, if you find a twenty dollar bill on the street and pick it up, that’s income. But we both know the IRS has no way to find out about it.

Does that mean you should make all your tax reporting decisions based on whether or not you think your income is traceable? Continue reading