Post by mbart2000 on Feb 1, 2015 1:16:01 GMT -5
First, a word of tolerance and inclusiveness from our Treasurer on July 29, 2014 3:55pm
click the date july 29 between likes and profile.
Tejas R/C Financial Report
(06-30-14 to 07-31-14)
Prepared by Rick Michelena (Tejas R/C Treasurer)
This individual claims that club checks in an amount greater than $600 dollars requires a 1099 form.
That is incorrect. Reimbursement for expenses is not reported on a 1099, only income. This individual
claims my name appears on checks totaling more than $600. That is because only a few of us spendour “personal funds” to purchase club required items.
File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:
• At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
-IRS.gov
FROM THE ARTCLE:
The penalties increase the longer the 1099 filing failure continues or the longer it takes to correct 1099s filed incorrectly. Penalties range from $30 to $100 per form, with a maximum penalty of $1.5 million. However, if the rules are intentionally disregarded, penalties increase to $250 per 1099 with no maximum penalty.
Starting in 2011, IRS added two new questions on its individual and business tax forms to increase awareness of the 1099 filing requirements and add another opportunity to identify taxpayers that should be filing 1099s but are not. (I wonder if this means every club member is liable for failure of club responsibilities)
Who must file Form 1099-MISC
• All entities engaged in a trade or business (sole proprietorships, partnerships and corporations)
• Landlords engaging in the business of renting property
• Nonprofit organizations, federal, state or local governmental agencies
• Trusts of qualified pension or profit-sharing plans of employers
-LitmanGerson Associates, LLP online article. www.lgallp.com/articles/2013/Form1099-MISCReportingRequirementsforBusiness.php
From Dec 2013 Financial report:
checks 1193, 1195, 1196, 5004, and 1202 Rick-payee Mowing, parts, and materials. Total approx $878.
“I report, you decide”-calpilot73 Jan. 31, 2011
I’ve decided to ask the IRS if this has been resolved and the TSBPA if Rule 501.90 applies.
mark bartlett
click the date july 29 between likes and profile.
Tejas R/C Financial Report
(06-30-14 to 07-31-14)
Prepared by Rick Michelena (Tejas R/C Treasurer)
This individual claims that club checks in an amount greater than $600 dollars requires a 1099 form.
That is incorrect. Reimbursement for expenses is not reported on a 1099, only income. This individual
claims my name appears on checks totaling more than $600. That is because only a few of us spendour “personal funds” to purchase club required items.
File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:
• At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
-IRS.gov
FROM THE ARTCLE:
The penalties increase the longer the 1099 filing failure continues or the longer it takes to correct 1099s filed incorrectly. Penalties range from $30 to $100 per form, with a maximum penalty of $1.5 million. However, if the rules are intentionally disregarded, penalties increase to $250 per 1099 with no maximum penalty.
Starting in 2011, IRS added two new questions on its individual and business tax forms to increase awareness of the 1099 filing requirements and add another opportunity to identify taxpayers that should be filing 1099s but are not. (I wonder if this means every club member is liable for failure of club responsibilities)
Who must file Form 1099-MISC
• All entities engaged in a trade or business (sole proprietorships, partnerships and corporations)
• Landlords engaging in the business of renting property
• Nonprofit organizations, federal, state or local governmental agencies
• Trusts of qualified pension or profit-sharing plans of employers
-LitmanGerson Associates, LLP online article. www.lgallp.com/articles/2013/Form1099-MISCReportingRequirementsforBusiness.php
From Dec 2013 Financial report:
checks 1193, 1195, 1196, 5004, and 1202 Rick-payee Mowing, parts, and materials. Total approx $878.
“I report, you decide”-calpilot73 Jan. 31, 2011
I’ve decided to ask the IRS if this has been resolved and the TSBPA if Rule 501.90 applies.
mark bartlett